Gold Slips 0.5% as COMEX Copper Gains 1%

The divergence matters more than the headline: copper's gain against gold and silver's pullback suggests the moves are about relative industrial versus defensive positioning within the metals complex, not a broad risk-off or risk-on session. The equity side confirms it — gold miners softened only modestly, so the metal's retreat is not being read as a structural break. Whether copper's outperformance persists alongside a softer precious complex is the open question, and whether miners keep tracking spot rather than decoupling is worth watching.