Commodities Buzz: Metal prices expected to record modest increase of 3% next year says IMF

International Monetary Fund has stated that safe haven demand lifted precious metals this year, whereas tariffs drove base metal prices lower. The IMF metals price index rose 6.8 percent between March and August 2025. Precious metals drove this increase, with gold increasing 12.8 percent, reaching record highs as investors sought safe haven assets amid rising geopolitical uncertainty and central banks increased gold reserves. US import tariffs had mixed effects on base metals. While US tariffs announced in early April pressured global prices downward, 50 percent tariffs on steel, aluminium, and copper triggered front-loading by the United States, providing some support to prices. Futures markets suggest modest increases of 0.3 percent in 2025 and 3.0 percent in 2026.

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