Gold prices remained steady on Wednesday, stabilizing after recent record highs, as investors weighed uncertainties surrounding potential U.S. trade tariffs and signs of a slowing economy. Spot gold held at $2,916.06 per ounce, while April gold futures edged up 0.4% to $2,929.74 per ounce. The precious metal had previously reached an all-time high of $2,956.37 earlier this month, driven by safe-haven demand amid geopolitical tensions and economic concerns.

In contrast, copper prices experienced a notable uptick due to supply concerns following a significant power outage in Chile, the world’s leading copper producer. The blackout, which affected over 90% of the population and key mining operations, including Codelco’s El Teniente and Chuquicamata mines, raised fears of supply disruptions. Benchmark copper futures on the London Metal Exchange rose 0.8% to $9,486.05 per ton, while March copper futures increased by 0.9% to $4.7408 per pound.

These supply concerns appeared to outweigh potential demand-side challenges posed by U.S. President Donald Trump’s announcement of a new tariff probe into copper imports. The investigation aims to assess the impact of copper imports on national security and could lead to the imposition of tariffs, potentially affecting major suppliers such as Chile, Canada, and Mexico. While such measures might dampen demand in the U.S., the immediate threat of supply shortages from Chile has had a more pronounced effect on copper prices.

The broader metals market also reacted to a softer U.S. dollar, which has been under pressure due to weak economic data, including a decline in consumer confidence. A weaker dollar typically makes commodities priced in the currency more attractive to holders of other currencies, providing additional support to metal prices.