Commodity markets face trifecta of risks

The next few weeks promise to be eventful ones for commodity markets. Not only will there be a new US president, but we may finally get details on the size of China’s fiscal stimulus as well as confirmation of OPEC+ production policy in 2025. We think that the election could increase gold price volatility, but that fiscal stimulus and OPEC+ output will be the bigger drivers of oil prices over the next few months.

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