EUROPEAN COMMODITIES UPDATE: Gold prices remain underpinned by haven demand

Crude Oil: WTI May -0.6%/Brent Jun -0.5%

Softer trade across the crude complex amid the cautious risk sentiment heading into the "Liberation Day" tariff announcement by US President Trump, touted at 21:00 BST.
The tariff theme will likely be the main driver today in the absence of any major geopolitical development.
In geopolitics, Israel's army expanded its activity in Gaza in a bid to pressure Hamas into a deal. Meanwhile, US President Trump believes Russian President Putin is stalling and the administration is eyeing aggressive sanctions enforcement including on the Russian ‘shadow fleet', according to a post on X by Fox News's Jacqui Heinrich.
US President Trump is reportedly seriously considering Iran's offer of indirect nuclear talks, while at the same time significantly boosting US forces in the Middle East in case the US opts for military strikes, according to Axios. No immediate reaction was seen following this report.
On the supply side, the latest private sector inventory data showed a relatively substantial surprise build in headline crude inventories: Crude +6.0mln (exp. -2.1mln), Distillate -0.0mln (exp. -1.0mln), Gasoline -1.6mln (exp. -1.7mln), Cushing +2.2mln.
Elsewhere, OPEC cut oil output last month by 110k BPD to 27.43mln BPD amid curbs in Nigeria and Iraq, according to a Bloomberg survey. As a reminder, the eight members of OPEC+ that have been making voluntary oil output cuts will meet on Thursday, according to Reuters citing sources; the meeting is to review plans for some members to make additional output cuts to compensate for pumping above their quotas. This comes ahead of the JMMC meeting on Saturday.
WTI May currently resides in a USD 70.68-71.34/bbl range while its Brent June counterpart trades in a USD 73.95-74.62/bbl parameter.

Nat Gas: Dutch TTF -0.9%, US Nat Gas +0.5%

European nat gas futures trade softer intraday after two consecutive sessions of gains; the market weighs cooler spring weather and the risk-off sentiment ahead of the US tariff announcement.
Storage levels ended winter at just ~33% full, well below the ~55–58% of prior years; mild wind output and halted Russian flows via Ukraine have tightened the balance, according to desks.
The complex is in focus as Europe enters restocking season ahead of next winter, with the continent seeking fuel sources after the cessation of Russian gas transit via Ukraine.

Precious Metals: Gold +0.7%, Silver +0.7%, Palladium +0.5%

Spot gold remains on a firmer footing after rebounding from the prior day's trough amid uncertainty ahead of the looming US reciprocal tariffs.
Tariffs woes remain the main driver for the yellow metal amid haven demand.
Spot gold resides in a current USD 3,106.70-3,135.80/oz range as it remains close to its record high (USD 3,149.09/oz) set yesterday.

Base Metals: 3M LME Copper +0.3%

Copper futures eke mild gains but with the upside capped amid the mixed and cautious mood on 'Liberation Day'.
Price action has been relatively contained for base metals thus far.
3M LME copper trades in a current USD 9,672.00-9,754.55/t range.
Dalian iron ore futures gained overnight with traders citing resilient Chinese demand outweighing tariff concerns, for now.