We maintain a neutral stance on commodities, being neutral on both oil and gold. In oil, near-term supply constraints and geopolitical risks could support prices, but the prospect of stronger supply and potential medium-term surplus limits the case for a more positive view. For gold, central bank demand continues to provide some support, but buying has become less consistent and gold ETF flows have weakened. We’d look for clearer alignment in demand before becoming more constructive.
These asset allocation views are produced by Wellington Solutions, which provides client-centred investment solutions, research and advice ranging from whole portfolio solutions to bespoke single asset class and advisory partnerships. Our solutions platform incorporates expertise across multi-asset, fundamental factor investing and thematic approaches to deliver across a range of client outcomes and objectives. If you wish to discuss your investment challenges, and how Wellington Solutions can help, please contact your Wellington relationship manager or solutions@wellington.com .
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