BASELINE VIEW – PRECIOUS METALS: Gold prices have surged recently, given elevated and persistent geopolitical tensions and rising purchases by the world’s major central banks. These factors will remain supportive over the near term. Longer-term, a shift to monetary policy loosening by the Fed will provide additional support  

BASELINE VIEW – INDUSTRIAL METALS: Base metals have been supported by broader improvements in global manufacturing and brighter prospects for factory output. The shift to new green technologies remains a major driver, while supply disruptions for the likes of copper will remain a tailwind.