Precious metals led gains as inflation concerns and fears of financial repression boosted safe-haven demand: gold +9.7% in August to $4,437/oz, silver +15.6% to $66.58/oz. Agricultural commodities rallied on a still-closed Strait of Hormuz and lingering El Niño supply pressure: wheat +18.3%, corn +16.8%, sugar +21.5%. Oil and gas: Brent +0.4% to $90.49/bbl, WTI +1.3% to $85.76/bbl; European gas futures +18.2%, US natural gas futures +6.8%. Equities rose on strong global data and corporate result

Precious metals led gains as inflation concerns and fears of financial repression boosted safe-haven demand: gold +9.7% in August to $4,437/oz, silver +15.6% to $66.58/oz. Agricultural commodities rallied on a still-closed Strait of Hormuz and lingering El Niño supply pressure: wheat +18.3%, corn +16.8%, sugar +21.5%. Oil and gas: Brent +0.4% to $90.49/bbl, WTI +1.3% to $85.76/bbl; European gas futures +18.2%, US natural gas futures +6.8%. Equities rose on strong global data and corporate results: S&P 500 +2.7%, STOXX Europe 600 +0.5%, MSCI Emerging Markets +3.4%. Source: Deutsche Bank monthly review.