Acceleration Towards Deglobalisation Reshapes Metal Supply-Demand Security

The biggest risk flagged is geopolitics: the Iran situation is still seen as a headline-risk variable that could rapidly shift commodity pricing if tensions escalate or oil flows are disrupted. For gold and broader metals, that leaves the near-term setup as range-bound to slightly defensive unless geopolitical stress, USD/real-yield moves, or a renewed risk-off impulse reasserts itself.