BASELINE VIEW – PRECIOUS METALS: Gold prices are expected to hit new record highs as institutional buying remains strong, and global economic and political uncertainty levels remain elevated. PGMs, meanwhile, are likely to remain fairly stable, with demand potentially increasing marginally over the coming months.
BASELINE VIEW – INDUSTRIAL METALS: Industrial metals face high uncertainty from global geopolitical developments and the possibility of US tariffs on imports. The global business cycle is also at a very mature stage while China’s economy has not responded well to what stimulus measures have been announced. The macroeconomic backdrop thus poses downside risks to demand.
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