Gold prices surged back above $4,900 per ounce as investors sought safe-haven assets following a two-day decline. The precious metal's rebound came amid thin holiday trading, with dip-buyers snapping up gold as risk assets including equities advanced. Copper also rose, trimming earlier weekly losses in a market showing mixed signals.

George Cheveley, Natural Resources Portfolio Manager at Ninety One, discussed the market dynamics with Bloomberg's Horizons Middle East and Africa anchor Joumanna Bercetche. The conversation highlighted how tariff threats are influencing commodity markets, with copper being particularly affected by trade tensions. Market participants are closely watching how these geopolitical factors impact industrial metals.

The commodity market's behavior reflects broader uncertainty as investors navigate between risk-on and risk-off positions. Gold's safe-haven appeal remains strong amid ongoing trade tensions, while copper's recovery suggests some optimism about industrial demand. These movements underscore the complex interplay between geopolitical risks and commodity prices in current market conditions.