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Money Market FundsBASELINE VIEW – PRECIOUS METALS:
The baseline view for precious metals remains constructive, although more selective. Gold should stay supported by central-bank buying, geopolitical hedging and eventual rate-cut expectations, but upside may be capped by a stronger dollar and sticky real yields. Platinum is preferred within PGMs, while palladium remains structurally weaker.
BASELINE VIEW – INDUSTRIAL METALS:
The baseline view for base metals is cautiously bullish, led by copper and aluminium. Structural demand from electrification, grid investment and supply constraints should keep prices supported, although high prices, China uncertainty and softer global manufacturing could trigger periodic corrections. Zinc looks more tactical than structural.
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