Gold, Silver Bounce Back After Sharp Selloff — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is up 0.1% to $66.37 a barrel.

--European benchmark gas is down 4.9% to 32.28 euros a megawatt hour.

--Gold futures are up 6.1% to $4,933.20 a troy ounce.

--LME three-month copper futures are up 3.2% to $13,303.50 a metric ton.

TOP STORY:

Gold, Silver Bounce Back After Sharp Selloff

Gold and silver staged a rebound after two sessions of heavy selling that rippled across commodity markets, as underlying drivers of demand remain strong and current price levels draw renewed interest from buyers.

In midmorning European trading on Tuesday, New York gold futures rose 6.3% to $4,946.20 a troy ounce, while silver climbed 12.6% to $86.69 an ounce, recovering from last week's steepest one-day losses since 1980.

Precious metals have shattered records over the past year, supported by central-bank purchases and strong inflows into exchange-traded funds as investors moved away from sovereign bonds and currencies in favor of hard assets. Gold topped $5,500 an ounce last month, while silver rose above $120, boosted by a wave of buying from Chinese speculators.

OTHER STORIES:

Trump Administration to Create $12 Billion Rare-Earth Stockpile to Counter China

WASHINGTON-The Trump administration is developing a roughly $12 billion stockpile of critical minerals aimed at helping U.S. manufacturers navigate future supply shortages and overcome future reliance on China for rare earths and metals.

President Trump, members of his cabinet and senior White House officials said the expected stockpile-called Project Vault-will be the fruition of roughly $1.67 billion in private capital along with a $10 billion loan from the U.S. Export-Import Bank to assemble the minerals from automakers, manufacturers and tech companies.

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Devon Energy to Buy Coterra for $21.5 Billion to Create Shale Giant

Devon Energy agreed to buy Coterra Energy in a roughly $21.5 billion all-stock deal that would birth one of the largest U.S. oil-and-gas producers as consolidation continues to reshape the industry.

The combined company, which would keep the Devon Energy name, would become one of the dominant players in the Permian Basin of West Texas and New Mexico, where both companies currently operate. It would have a market value of more than $47 billion, based on the two companies' Friday closing prices.

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Siemens Energy to Spend $1 Billion to Boost Manufacturing of Electrical-Grid Equipment

Siemens Energy plans to spend $1 billion to boost its manufacturing of grid and power-generation equipment in the U.S. as demand for electricity soars.

The investments include restarting gas-turbine manufacturing, the key to turning natural gas into electricity, at an existing factory in North Carolina. The turbines are needed to supply reliable power for AI data centers but are in short supply because of the stunning and rapid upswing in power demand.

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Orsted Sells Onshore Business for $1.7 Billion After Judge Rules U.S. Wind Project Can Resume

Orsted agreed to sell its European onshore business in a $1.7 billion deal, a day after a U.S. judge ruled that the renewable-energy company could resume work at its Sunrise Wind project off New York's coast.

The Trump administration ordered a halt to construction of five U.S. offshore wind projects just before Christmas, including Orsted's Revolution Wind and Sunrise Wind projects, citing national security risks.

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Investors Bet on Newcleo as It Designs Nuclear Waste-Fueled Reactors

Several European investors have backed an $85 million growth investment in nuclear-energy startup Newcleo, which is developing a small modular reactor that runs on recycled fuel rods.

The deal includes asset manager Azimut Group in Milan, the pension fund of Europe's nuclear-research lab CERN and several Italian industrial companies. Italian investment firms Kairos Partners SGR and Indaco Ventures also backed the deal.

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Google Is Spending Big to Build a Lead in the AI Energy Race

Google plans to spend $4.75 billion to help solve a problem stymieing the AI race: finding enough electricity to run an ever-larger fleet of data centers.

The company's pending deal to buy Intersect, a wind and solar developer, would make it the only tech giant to own a power company. That could give it a significant advantage over rivals as power officials favor tech companies prepared to bring their own electricity sources online and the Trump administration presses them to avoid passing on power costs to consumers.

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EU Launches Foreign Subsidies Probe Into China's Goldwind

The European Commission said it is investigating whether Chinese wind-turbine company Goldwind received foreign backing that would give it an unfair advantage in the European Union.

The EU's executive arm said Tuesday that it is looking into whether Goldwind receives foreign subsidies that distort the bloc's internal market. Those subsidies could take the form of grants, preferential tax measures and loans, it said.

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Enterprise Products Partners 4Q Profit Rises

Enterprise Products Partners profit edged higher in the fourth quarter, despite a slowdown in revenue.

The midstream energy company on Tuesday posted a rise in net income to $1.66 billion, or 75 cents a share, compared with $1.63 billion, or 74 cents a share, in the same quarter a year ago.

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Harmony Gold Expects In-Line Results Despite Mill Motor Failure, Gold Shipment Delay

Harmony Gold said it expects results for the first half of fiscal 2026 to be in line with expectations, despite a mill motor failure and gold shipment delay in the second quarter.

The gold miner on Tuesday said that although the mill motor failure and a deferment of the final gold shipment to January 2026 hurt operational performance in the three-month period, it still expects to meet full-year production guidance of between 1.4 million to 1.5 million ounces.

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Impala Platinum's Earnings Soar on Higher Prices

Impala Platinum said earnings soared in its fiscal first half, driven by higher prices and an improved operational performance.

The South African platinum miner said it expects to post headline and basic earnings of between 9.10 billion and 9.45 billion South African rand ($565.7 million-$587.4 million) for the six months through Dec. 31. For the same period a year earlier, the company posted headline earnings of 1.85 billion rand and basic earnings of 1.87 billion rand.

MARKET TALKS:

Palm Oil Ends Lower, Tracking Weaker Rival Oils -- Market Talk

1019 GMT - Palm oil closed lower. Prices tracked the softness in rival edible oils overnight, Kenanga Futures analysts say in a note. However, strong tropical oil export demand, lower output projections and a weaker ringgit limit downside risks. Kenanga Futures sees support for CPO futures at 4,140 ringgit a ton and resistance at 4,280 ringgit a ton. The Bursa Malaysia Derivatives contract for April delivery fell 16 ringgit to 4,213 ringgit a ton. (jason.chau@wsj.com)

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Potential EU Ban on Russian Metals Could Tighten Already Constrained Markets -- Market Talk

0909 GMT - A potential EU ban on Russian imports of platinum and copper could further tighten supplies, analysts at ING say. The European Union is considering a ban on Russian imports of several metals as part of new sanctions targeting Moscow over its war in Ukraine, Bloomberg reported, citing unnamed sources. The measures would primarily affect MMC Norilsk Nickel, Russia's largest mining company, which has so far been spared sanctions because of its critical role in global supply chains, according to ING." The potential ban comes at a time when markets for these metals are already tight," the analysts say. "This means any loss of Russian material would further tighten availability." (giulia.petroni@wsj.com)

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Copper Regains Ground After Commodity Markets Selloff -- Market Talk

0852 GMT - Copper rebounds in early trading following a multiday slump, with futures on the London Metal Exchange climbing 4.2% to $13,442 a metric ton. The recovery is supported by signs of buying from Chinese investors and reports that the government aims to expand strategic inventories. "Manufacturers, who had been absent from the recent rally, emerged from the sidelines to buy copper at lower prices to help restocking inventories ahead of the Lunar New Year holiday," ANZ analysts say. "That is despite economic data showing factory activity remains weak." The broader macro backdrop is also supportive. President Trump agreed to reduce tariffs on imports of Indian goods to 18%, while the latest U.S. data showed factory activity unexpectedly expanded in January at the fastest pace in more than three years. (giulia.petroni@wsj.com)

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European Gas Prices Slide on Milder Weather Outlook, Easing U.S. Storm Concerns -- Market Talk

0851 GMT - European natural-gas prices fall as forecasts for milder weather in the coming weeks weighed on sentiment and concerns over the impact of a massive winter storm in the U.S. eased. In early trading, the benchmark Dutch TTF contract is down 6.1% to 31.93 euros a megawatt-hour. However, tight storage levels leave the market vulnerable until the heating season ends, market watchers say. Inventories across the European Union have fallen below 41% of capacity, compared with 53% in the year-earlier period and a five-year average of 57%. (giulia.petroni@wsj.com)

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Galp Energia Hit by Weaker Refining Margins -- Market Talk

0851 GMT - Galp Energia's fourth-quarter performance update is likely to drag consensus expectations downward, Jefferies analysts write. This is primarily driven by lower-than-expected refining margins, they say. The update implies a 10% downside to consensus Ebitda and net-income expectations, they say. When the Portuguese energy company issues its results next month, investors are likely to focus on capital-expenditure guidance and valuation indicators related to the potential downstream combination with Moeve, they say. Shares trade up 0.9% at 16.82 euros. (adam.whittaker@wsj.com)

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February 03, 2026 07:09 ET (12:09 GMT)