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Money Market FundsBASELINE VIEW – PRECIOUS METALS:
Overall, the precious-metals outlook remains positive into 2026, supported by macro uncertainty and supply constraints, but with heightened volatility as policy and growth risks evolve. Gains will unlikely replicate what was seen in 2025, but the bias across the sector will remain bullish.
BASELINE VIEW – INDUSTRIAL METALS:
Base metals had a broadly strong 2025, led by copper and aluminium on supply constraints. Looking into 2026, the sector retains a constructive medium-term outlook supported by the energy transition, grid investment and constrained capacity growth. However, elevated prices and macro uncertainty point to higher volatility and more selective performance across metals.
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