Precious metal shares and ETFs jumped in overnight trading. Gold Fields up 7%; UGL up over 6%; US Gold up 5%; Platinum Group, Harmony Gold up around 4%.

The record-breaking rally in commodities gained fresh momentum as gold, copper and silver hit all-time highs amid a weaker dollar and rising geopolitical tensions.

Gold climbed 2.5% to $5,555 an ounce, boosting this month’s gain to about 28%. Silver extended this year’s advance to 65%, after surging 148% in 2025. Copper jumped 5% on the London Metal Exchange and Brent crude climbed to its highest level since September. All these assets are priced in dollars so they benefited from the greenback’s decline.

Treasuries fell amid concern that rising commodity prices will add to inflation. Adding to market’s concerns, President Donald Trump warned Iran to make a nuclear deal with the US or face military strikes far worse than the attack he ordered last June.