Gold reached an all-time inflation-adjusted high, surpassing the longstanding record set in 1980, while oil prices rebounded despite slowing demand growth forecasts.
Join Global X each week for Commodity Calls to explore all the recent signals and developments that occurred in the world of commodities.
Looking for more ETF Express? Check out this week’s Market Moves and Thematic Spotlight.
Gold
Bullish
Gold continues to hit record highs amid a global safe-haven rush. The precious yellow metal has now broken above US$3,400 per ounce, surpassing its inflation-adjusted 1980 peak, as demand accelerates, driven in part by China, which has increased its gold holdings for five consecutive months, lifting gold to 6.5% of its total reserves.1
Bearish
Gold remains on track for its strongest year of performance since 1979, but technical indicators suggest it might be looking overextended.2 The Relative Strength Index (RSI) has climbed to above 75, signalling potentially overbought conditions, while the gold-to-silver ratio has reached 100:1, levels not seen since the COVID-19 pandemic.
Explore physical gold with GOLD.
Copper
Bullish
Russia’s state development bank will invest more than US$13 billion to develop a copper mine in Chukotka.3 Once operable, the mine is expected to lift the country’s copper output by 25% as Russia seeks to bolster its standing in the global copper market.
Bearish
Copper remains under pressure from trade war risks and slowing global manufacturing. Despite recent price rebounds, escalating tariff threats from the U.S. and weaker global demand are weighing on sentiment, with investment banks like Citibank downgrading forecasts and warning that markets may still be underestimating the deflationary impact on copper.4
Explore copper with WIRE.
Crude Oil
Bullish
Oil prices have rebounded from the early April lows, reaching as high as US$64.82 per barrel last week. The recovery comes as some optimism around potential trade deals, while the Energy Department prepares significant cuts that could result in nearly $10 billion in federal funding being withheld from clean energy initiatives.5
Bearish
The International Energy Agency (IEA) cut its 2025 oil demand growth forecast by 300k barrels per day.6 The IEA cited the negative impact of the escalating trade tensions on the economic outlook, saying that they expect a further slowdown in demand growth next year.
Explore crude oil with BCOM.
Forecasts are not guaranteed and undue reliance should not be placed on them. This information is based on views held by Global X as at 23/04/2025. Investing involves risk, including the possible loss of principal. Diversification does not ensure a profit nor guarantee against a loss.
Brokerage commissions will reduce returns.
This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information is not intended to be individual or personalised investment or tax advice and should not be used for trading purposes. Please consult a financial advisor or tax professional for more information regarding your investment and/or tax situation.
