Over the coming years, Fitch forecasts high copper prices on the back of a bullish demand outlook as the economics of copper mining projects will become increasingly attractive to investors.

Lately, gold has failed to attract safe-haven flows despite growing recessions risks.

Michael Nowak, former managing director who ran the bank’s precious metals business, was once the most powerful person in the gold market.

Hedge-fund managers recently slashed bets on higher commodity prices to the lowest in almost two years.

Investors are fretting over a range of threats to demand, from Europe’s gas crisis to a US slowdown and renewed virus flare-ups in China.

Gold may struggle to recover in the near term unless momentum dissipates from the dollar, analyst said.

It began with a bang but Tesla’s second quarter didn’t stay ebullient.