Opinions of Investment Banks

Goldman Sachs believes that the bullish logic for gold has not changed and maintains its forecast for continued growth. Huatai Securities emphasizes that the long-term logic of reallocating gold assets remains solid. OCBC notes that the reduction in geopolitical risks supports gold prices; however, the main driving factor remains the return of rate cut expectations.

ING believes that the resumption of shipping through the Strait of Hormuz will be a key factor in weakening the dollar. TD Securities and the Commonwealth Bank of Australia think that in the event of escalating geopolitical tensions, the dollar will remain supported.

Société Générale expects the average Brent price in April to be around $125 per barrel. The French SocGen makes a similar forecast for Brent in April.

Goldman Sachs has raised its aluminum forecast due to increased supply disruptions. CITIC Securities notes that the risks of supply disruptions are increasing, and the aluminum sector is becoming attractive for investments. Guosen Futures indicates that the aluminum trend depends on the assessment of damage to companies' production capacities.

Nomura believes that the combination of inflation risks and policy changes pushes the expectation of a Fed rate cut to September. Goldman Sachs is skeptical about the possibility of a Fed rate hike this year.