BASELINE VIEW – PRECIOUS METALS:
Gold prices are surging and reaching new record highs. The outlook for gold remains bullish given lower interest rates through the remainder of this year. PGMs, meanwhile, have solid fundamentals at the moment but the uncertainty of the global economic outlook will keep prices relatively contained, for now.
BASELINE VIEW – INDUSTRIAL METALS:
Base metals reached a turning point in late-August and are benefitting from expectations of looser global monetary policy. This will keep prices supported for now, but the longer-term outlook will depend on if central banks loosen policy enough to prevent significant slumps in demand.
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