BASELINE VIEW – PRECIOUS METALS:
Gold prices will be aiming to retake the recent record highs, with geopolitical uncertainty and central bank buying major drivers of demand. A strong USD will limit gains, for now, but the US economy cannot outperform indefinitely and the Fed will soon be forced to take a more accommodative stance toward monetary policy.
BASELINE VIEW – INDUSTRIAL METALS:
Base metals have had a bumpy November so far, with reduced expectations of Fed rate cuts and the US elections generating some notable volatility. Conditions in the market are, however, starting to normalise. Tight supply conditions will remain supportive of metals prices, but global growth concerns remain as China’s economy continues to struggle and the threat of US trade tariffs has returned.
Read report