Nicky Shiels Discusses the Outlook for Precious Metals on Bloomberg's Open Interest

Nicky Shiels, Head of Research & Metals Strategy at MKS PAMP, recently joined Bloomberg's Open Interest to discuss the key macroeconomic and geopolitical forces influencing today's precious metals markets.

During the interview, Nicky shared her perspective on the evolving outlook for gold and silver, highlighting how geopolitical developments, monetary policy expectations and structural market trends continue to shape investors' sentiment.

While recent geopolitical tensions have supported energy markets, Nicky noted that higher oil prices have also reinforced expectations of a "higher-for-longer" interest rate environment, creating near-term headwinds for gold. Despite this, she emphasised that the longer-term investment case for precious metals remains intact, supported by structural drivers such as sustained central bank gold purchases, ongoing supply constraints, and increasing global trade fragmentation.

The interview concluded with a discussion on de-dollarisation, as central banks continue to diversify reserves and manage geopolitical uncertainty, reinforcing the strategic role of precious metals within the global financial system.

Watch the full Bloomberg Open Interest interview featuring Nicky Shiels here (starting from 1:21:45):