DoubleLine Capital CEO Jeffrey Gundlach said Wednesday he's warming up to commodities, while doubling down on foreign investments amid dollar weakness. The widely followed investor said he recently shifted positive on broad commodities, pointing to a steady, largely overlooked rally in the asset class. "Commodities broadly have quietly started to rise," Gundlach said. "For the first time in a long time, I turned positive on commodities broadly last week. So I think a commodity index makes some sense in here." His comments came after the Federal Reserve on Wednesday lowered its key overnight borrowing rate by a quarter percentage point, putting it in a range between 3.5%-3.75%. It marked the central bank's third rate cut this year. For gold specifically, Gundlach said it still deserves a pl

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