Morning Briefing: Oil Hits a 4-Year High; NGEx Minerals Makes a New Discovery

Gold rebounded to $4,642/oz after a two-session pullback, keeping the broader metals rally intact even as Brent briefly touched a four-year high overnight before easing on front-month contract expiration. The briefing frames the tape as constructive for bullion, with risk appetite supported across metals while energy volatility fades from the opening spike. On the mining side, NGEx Minerals reported two standout intercepts at Lunahuasi’s Mars zone — 34m at 7.25% CuEq and 48m at 7.72% CuEq — separated by about 180 metres, plus a new discovery 300 metres to the east. Great Pacific Gold also said drilling at Kavasuki in Papua New Guinea continues to generate strong results from KVH-01, KVH-03 and KVH-04. For precious metals traders, the key takeaway is that gold remains near record territory even after a short correction, with the market still responsive to broader commodity strength and inflation/energy headlines. Near term, watch whether gold can hold the $4,600 area and extend toward fresh highs as miners continue to report drill success, which may reinforce the sector’s equity bid but is secondary to the macro driver for bullion itself.