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Money Market FundsBASELINE VIEW – PRECIOUS METALS:
Gold prices have continued to rally with the outlook remaining bullish, given global economic and geopolitical uncertainties. Central bank demand and inflows into ETFs are expected to continue supporting prices, while lower interest rates will keep the USD under pressure, making gold cheaper for foreigners to purchase.
BASELINE VIEW – INDUSTRIAL METALS:
Industrial metals markets have had an exceptionally volatile few weeks since US President Trump made his “Liberation Day” announcements at the start of the month. There has been a recovery from the initial sell-off, and while volatility may persist over the near term, we expect fundamentals will begin to reassert themselves over the medium term.
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