Gold prices have been staying near their high range for almost three months since Donald Trump decided to play with his tariffs. This week prices briefly shot above $3,500 per troy ounce when reports surfaced of hefty new U.S. tariffs on one kilogram gold bars 39% on imports from Switzerland spooking markets and pushing futures to fresh highs near $3,534.10. That marked a 2.7% weekly gain, though prices eased as the White House said it would clarify the guidance, trimming the gains to a roughly 0.3% daily rise and a weekly close near $3,439.10.

Concerns over a weakening U.S. economy and the growing likelihood of Federal Reserve rate cuts now seen as more than 90% probable have added fuel to the rally, helping gold prices hover just shy of its all time highs. Earlier in the week, weaker than expected U.S. jobs data had also pushed spot gold up from around $3,311 to over $3,418.

Copper, by contrast, has been steadier but still notable. Futures are trading in the $4.40 to $4.49 per pound range, up about 1.6 to 1.7% on Friday, with a modest weekly gain of around 0.5%. Earlier in the week, the U.S. opted to exempt refined copper from planned tariffs (imposed on semi finished forms), helping soften price pressure even though 50% duties on other types were looming. That decision nudged prices lower significantly. Mining executives warned that tariffs alone won’t revive U.S. smelting capacity and may just strengthen China’s role instead.

So, in short: gold surged on headline risk and rate cut hopes, pushing its highs. Copper moved more cautiously, buoyed by policy clarity but weighed by structural concerns in smelting.