BASELINE VIEW – PRECIOUS METALS: The bullish bias for gold may remain intact during 2024 as ongoing geopolitical tensions support the longer-run bullish fundamentals. However, the market remains arguably overpriced for Fed rate cuts through 2024, which could limit the gains for the precious metal.
BASELINE VIEW – INDUSTRIAL METALS: The outlook for base metals in 2024 remains cloudy with the US business cycle expected to turn, hitting demand from the world’s largest economy. Counteracting this is Beijing’s attempts to underpin its growth prospects with policymakers injecting monetary and fiscal stimulus.
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