Markets began the New Year with mixed signals, as base metals like copper and aluminum reached multi-year highs. The US dollar strengthened, while equities saw modest gains. Gold and silver experienced initial gains driven by geopolitical tensions and industrial demand, but later retraced due to profit-taking and increased margin requirements. FOMC minutes suggested potential policy easing, though officials remain divided on the approach. Geopolitical events, including US actions on Venezuelan oil and Russia-Ukraine strikes, influenced safe-haven demand.