Producers of metals and other raw materials rose amid hopes that a rout in metals was slowing.
Gold and silver futures each slipped 1.9% in volatile trading after ending last week with their worst one-day selloff since 1980. The commodities crash was sparked by President Trump's selection of Kevin Warsh as the next Federal Reserve chair.
One strategist said the selection of Warsh was positive for central-bank independence, but that recent precious-metals volatility remained a concern. "One of the concerns is: Is there going to be a reshuffling of the global order?" said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. "What does that do to currencies? How do those currency changes impact commodities? How does that impact precious metals?"
The surge in gold prices has also triggered a series of deals in the niche. Eldorado Gold agreed to acquire Foran Mining for about $2.79 billion, including debt.
The Trump administration is preparing to develop 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.
Australian steelmaker BlueScope Steel isn't in talks with suitors Steel Dynamics and SGH but would be open to a takeover proposal that meets its expectations, the company's new chief executive officer said in an interview.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-02-26 1721ET
