Gold continues to shine, all eyes on OPEC+
There have been several factors supporting gold prices to a record high above $3,500 per ounce, including greater expectations of Fed rate cuts and investor concern about fiscal positions. And against the backdrop of central banks remaining a consistent source of gold demand, we expect prices to rise further over the next couple of years.
Meanwhile, the OPEC+ rumour mill is in full flow as market participants weigh up the likelihood of the group raising output at its upcoming meeting. However, for all the focus on OPEC+’s next move, the bigger picture is that the group has firmly shifted to a strategy of capturing market share and output is set to rise strongly over the next year. In our view, we think this is consistent with Brent crude prices falling to $60pb and $50pb by end-25 and end-26, respectively, which are below the consensus.
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