For years, commodities were largely viewed as trading instruments—cyclical bets to be timed rather than assets to be held as part of a long-term portfolio. But that mindset is beginning to change as geopolitics, supply constraints, tariffs, energy transition and the rise of gold as a reserve asset reshape the commodity landscape.
Gold remains the traditional hedge against inflation and uncertainty, but the opportunity set is becoming much broader. Copper, for instance, is gaining structural relevance as demand from electric vehicles, construction, AI and data centres collides with limited investment in new mines and declining ore quality. Energy markets, meanwhile, remain critical for India, where higher crude prices can quickly feed into import costs, inflation and the balance of payments.
