BASELINE VIEW – PRECIOUS METALS:
Gold prices have lost a bit of momentum recently as trade-related concerns have eased. However, central bank buying and ETF inflows should keep the market supported. PGMs, meanwhile, should find support amid an expected market deficit, although economic growth concerns could cap gains.
BASELINE VIEW – INDUSTRIAL METALS:
Industrial metals have broadly recovered from their early April sell-offs, with progress in US trade negotiations helping spur optimism. Market fundamentals are also generally bullish at present, which should keep the near-term trends to the topside. However, risks are present from potential trade flare-ups to rising geopolitical tensions. Longer-term, the global economic outlook remains uncertain, which should keep a cap on gains.
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