BASELINE VIEW – PRECIOUS METALS:

 Precious metals have surged since September, led by gold amid strong central-bank buying, ETF inflows, and safe-haven demand. The outlook remains broadly positive as macroeconomic and geopolitical uncertainty, expectations for a weaker dollar, and growing Fed rate-cut bets all support prices. However, short-term corrections are possible given the recent steep gains.

BASELINE VIEW – INDUSTRIAL METALS:

Industrial metals have broadly gained since September, driven by supply disruptions and renewed industrial demand. The near-term outlook is mixed amid global economic headwinds. However, supply tightness or more policy stimulus could provide support.

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