Industrial metals prices rallied in November. While we expect demand growth to stay strong in the months ahead, on the back of robust economic activity in China, we think that it will slow in 2021 as the Chinese government gradually withdraws fiscal support. Meanwhile, the gold price declined as safe-haven demand waned. That said, we still think that real yields in the US will fall a touch in the year ahead, which should provide a small lift to the gold price.
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