Global Commodities: Gold Rushes to Record Highs

Speakers:  

Natasha Kaneva, Head of Global Commodities Research

Gregory Shearer, Head of Base and Precious Metals Research

Gold prices have shot to new highs this week largely catching the market by surprise given relatively minor moves in rates and FX.  The sharp rally demonstrates the immense power of flow in gold and previews why we remain structurally bullish the metal over the next year. Yet, for us to ultimately reach our upside price targets we need to unlock more than just the systematic momentum inflows we likely saw this week. This will require continued moderation in inflation and US jobs data in the coming months to solidify Fed cut expectations and ultimately trigger the next leg of inflows from discretionary funds and ETF holders necessary to push prices up towards our $2,300/oz ultimate target.

This podcast was recorded on March 8, 2024.

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