Global Commodities: Precious metals outlook outshines base

SpeakerGregory Shearer, Executive Director, Global Commodities Research     Gold prices continue to mount a seemingly Sisyphean climb to break above all-time highs getting knocked lower again by a stronger-than-expected US payrolls report for April. In contrast, base metals prices have slumped more notably in the last few weeks as Chinese demand remains underwhelming and recession uncertainties keep investors on the sideline. While gold and silver prices will likely continue to chop in a range until more certainty is gained on the Fed’s future rate hiking plans we still think the long-term direction of travel is higher. On the other hand, copper and other base metals could be in for a bumpier ride in the coming months.   This communication is provided for information purposes only. please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.