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Money Market FundsBASELINE VIEW – PRECIOUS METALS:
Precious metals remain supported overall. Gold’s trend is still bullish on safe-haven demand, geopolitical risk, and macro uncertainty, while PGMs are firmer on supply concentration and episodic tightness. Within PGMs, platinum looks better placed for sustained gains, while palladium remains more volatile and squeeze-driven.
BASELINE VIEW – INDUSTRIAL METALS:
Industrial metals retain a constructive medium-term backdrop, supported by electrification, infrastructure, and supply-side constraints. However, near-term performance remains tied to global growth and Chinese demand. Copper still offers the strongest structural upside, while aluminium looks steadier and zinc remains the most vulnerable to softer industrial demand.
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