How Sustainable Is the Gold-Copper-Oil Rally?

Dongwu Securities believes the synchronized rise in gold, copper, and oil is primarily driven by geopolitical risks, improved liquidity, supply chain fragility, and the weakening of the US dollar's credibility, though each has distinct core drivers: gold is supported by de-dollarization and US fiscal pressures, copper by tariff expectations and supply constraints, and oil by geopolitical tensions and low inventories. Looking ahead, gold prices are expected to reach $5,000 per ounce, copper prices are unlikely to see deep corrections, and Brent crude may hold a range of $80-90 per barrel amid the ongoing Middle East standoff.