BASELINE VIEW – PRECIOUS METALS:
Geopolitical uncertainty continues to support gold’s safe-haven allure as the precious metal defied rising bond yields. Expectations that the Federal Reserve’s rate hikes are at an end are providing further support for precious metals.
BASELINE VIEW – INDUSTRIAL METALS:
China’s new debt plan has provided support for base metals alongside expectations for looser monetary policy through 2024, however, rising global supplies are likely to cap price increases.