[MARKET ANALYSIS] Metals somewhat indecisive into US CPI and a key weekend

Spot gold trades subdued on either side USD 4,750/oz (USD 4,747.46-4,777.42/oz), but on track for a third straight weekly gain, supported by central bank buying and diplomatic hopes. Critical Metals’ CEO cautioned that bullion could face pressure if oil prices rebound materially, stoking inflation concerns and rate expectations. Copper is flat in indecisive trade with broader base metals mixed. 3M LME copper currently trades in a 12,641.00- 12,772.87/t range. In data, China’s factory deflation ended after more than three years, with PPI rising 0.5% Y/Y in March (exp. 0.4%), as surging energy costs snapped the deflationary streak. Recent reports include Bloomberg outlining that the EU and US are approaching a deal on critical minerals, framed as a move to break the dependence on supplies from China.