E57: Decoding Gold's Surge, Crude Outlook & 2026 Commodity Power Plays
KEY TAKEAWAYS
- Citi Research projects a neutral to bearish outlook for gold in 2026, anticipating no further price increases despite recent strong performance
- Copper and aluminum are favored commodities for the next 12 months, driven by robust supply-demand fundamentals
- Oil prices are expected to stabilize around $60 per barrel, influenced by OPEC+ actions and geopolitical factors, impacting the broader commodity market
Head of Research Lucy Baldwin sits down with Max Layton, Global Head of Commodities Research, to discuss a remarkable 2025 for commodities as well as what to expect in 2026. Topics include the gold bull market, what may lie ahead for oil, and how developments with central banks and China may shape commodities strategy.
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Lucy Baldwin, Head of Citi Research
Lucy Baldwin is a Managing Director and Global Head of Research at Citi. Lucy is responsible for managing Citi’s global independent research across all asset classes. Lucy joined Citigroup in April 2021 from Credit Suisse, where she was Global Head of Equity Sales. Prior to Credit Suisse Lucy was at Bank of America as Head of European Equity Sales (2015-2019), and at Goldman Sachs as a Director of European Equity Research and in a variety of research analyst roles (2006-2015). Lucy started her career at Cazenove as an equity research analyst covering the building materials sector.
Max Layton, Global Head of Emerging Market Strategy, Citi Research
Max Layton is Global Head of Commodities Research at Citi. Max was previously a Managing Director and Head of European Commodities Research at Goldman Sachs. He has also held positions as Deputy Head of Commodities Research at Macquarie Bank and as a commodities economist at the Reserve Bank of Australia.
