The September 2021 edition of our Commodity Market Outlook focuses on gold, covering recent market developments and our pricing outlook over the coming year. As usual, we also provide an update on our latest views on broad commodity markets.

This month’s edition focuses on gold prices, which have underperformed most major assets since staging a short-lived rally in the second quarter. As usual, the report offers a ‘deep dive’ on the factors currently weighing on gold returns, and exploring the impact of macro-financial factors in shape the gold market outlook.

Financial markets maintain a bearish view on gold, expecting prices to drop to $1700 or lower on the back of reduced Fed support. We are considerably more optimistic on the gold market outlook, with our models revealing a high probability of positive returns, and a strong case for gold as a diversifier of equity risk over the coming year.

If you would like more information, please contact Chris Cook at