[MARKET ANALYSIS] Crude futures dip amid diplomacy hopes; precious metals capped by the USD; base metals gain ahead of the Trump-Xi summit - Newsquawk

AI desk brief

Precious metals are under modest pressure as a firm dollar offsets the softer oil backdrop. Spot gold is around $4,350/oz, contained within a $4,342-$4,383/oz range and sitting above the 100-DMA at $4,319/oz; spot silver is flat around its 100-DMA at $66.40/oz in a $65.73-$67.05/oz band.

The note implies near-term metal performance remains hostage to USD direction rather than outright safe-haven flows. With base metals firmer and energy weaker, the immediate PM catalyst looks to be whether the dollar eases after the Trump-Xi summit and broader geopolitical headlines.