Commerzbank says if the increase in oil prices continue, gold prices could fall back towards USD 4,500/oz
- Says zinc prices have already risen too high, expects another slight correction before it starts to rise again in the medium term; sees little room for lead price to recover, with it likely to end the year at USD 2,100 per ton
- Expects palladium prices to rise to USD 1,800 by end-2026
Context
Commerzbank's commentary suggests that if oil prices keep climbing, we might see gold prices retreat significantly, potentially towards USD 4,500/oz. This scenario indicates a risk sentiment shift where rising energy costs could drive investors away from gold, impacting its safe-haven appeal. Additionally, their views on zinc and palladium point toward an evolving commodities landscape with potential profit opportunities alongside these risks.
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