Gold rises 0.38% to $4,140.82/oz in late New York trade

The split between precious and industrial metals is the tell here: gold and silver recovering intraday while copper slipped suggests the move is about store-of-value demand rather than a broad reflation bid. The synchronized lows in both gold and silver at the same Beijing-time moment point to a single liquidity or macro trigger in Asian hours rather than metal-specific flows. Whether copper keeps diverging from gold is the open question, since that gap is where the growth-versus-hedge narrative actually gets tested.