Gold, supported by the weakening dollar, among other factors, is the star of the commodities space in 2025. That rising tide is lifting a lot of ETF boats, including those funds that provide exposure to multiple commodities.
The Neuberger Berman Commodity Strategy ETF (NBCM) is one such fund. Actively managed, NBCM is levered to the yellow metal’s shine. That’s because the fund devoted nearly 18% of its portfolio to the precious metal at the end of Q3. No, that’s not dedicated gold exposure, but it’s been enough to propel the ETF to an admirable showing this year.
Plus, as an actively managed ETF, NBCM can adjust its gold exposure as well as its allocations to other commodities that benefit as bullion rises. Silver, which is part of the NBCM of the roster, is one example. NBCM’s flexibility is potentially beneficial to investors at a time when so many market observers believe the path of least resistance for the precious metal is to the upside.
Bank on More Bullion Upside
And NBCM’s gold exposure is underpinned by credible fundamentals, not manic speculation.
“The price increases are a reaction to major policy, geopolitical and economic developments this year, including tariffs, the Israel-Hamas conflict, concerns about the Federal Reserve’s independence and the U.S. government shutdown,” observed Morgan Stanley.
Those are among the reasons the bank recently boosted its 2026 gold price forecast to $4,400 per troy ounce. That’s well above the prior estimate of $3,313. That revised projection also implies a decent level of appreciation from where the metal resides today.
It’s possible gold and ETFs like NBCM will garner even greater benefits. That’s because the Federal Reserve is believed to be on course for two more interest rate cuts before the end of this year and another two over the course of 2026. Those moves would weaken the dollar while bolstering the case for gold.
“As markets expect the U.S. dollar to weaken on prospects of slower growth in the world’s largest economy, many investors are shifting their safe-haven portfolios, moving from dollar-denominated assets to gold. Additionally, a weaker dollar makes gold more affordable for international buyers,” added Morgan Stanley.
Fed moves are important to the outlook for the precious metal for another reason. As bond yields decline, non-yielding gold becomes more appealing for its capital appreciation potential.
“Another boost to gold prices comes from interest-rate reductions by the Federal Reserve. Looking back to the 1990s, gold prices have risen 6% on average in the 60 days following the start of a Fed rate-cutting cycle as lower yields make it easier for non-yielding assets to compete,” concluded Morgan Stanley.
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