BASELINE VIEW – PRECIOUS METALS: Gold prices have rallied through new record highs, and the outlook remains bullish, given global economic and geopolitical uncertainties. Central bank demand and inflows into ETFs are expected to continue, supporting prices. Platinum, meanwhile, will be supported by resilient demand and ongoing supply issues.
BASELINE VIEW – INDUSTRIAL METALS: Industrial metals markets are facing some unprecedented developments, with US tariffs driving a surge in prices of US-based metals compared to their global peers. The shifting of physical supply into the US to avoid tariffs will provide some support as global markets tighten. However, longer-term prospects will remain a factor of slowing global growth and potential higher inflation.
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