Goldman Sachs: Bullish Outlook on Copper, Gold, and Oil

Goldman Sachs remains “selectively bullish” on commodities like copper, gold, and oil, citing solid demand growth, structural upside in industrial metals and gold, and a reduced geopolitical risk premium for oil. The bank expects total commodity returns to rise from 13% year-to-date to 18% by year-end. They forecast copper could gain 15% to $12,000 per ton and gold could increase 14% to $2,700 per ounce by the end of 2024. Brent oil prices are expected to remain between $75 and $90 per barrel, with value seen in net long oil positions. Investors can track these commodities through exchange-traded funds.