AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Headlines
- Gold's status as a safe haven is growing due to central bank purchases, geopolitical tensions, and expectations for Fed rate cuts. Recent highs for gold futures and spot prices underline its strong performance.
- Leading financial institutions like Citi and Bank of America foresee significant future gains for gold, with projections reaching up to $3,000. Goldman Sachs also anticipates a potential rise to $2,700 by early 2025.
- Barrick Gold Corporation (NYSE:GOLD) a major player in the gold mining industry, continues to show strong performance. Despite recent fluctuations, the stock remains close to its 52-week highs, reflecting its enduring appeal.
Gold’s role as a secure asset has been enhanced by increased central bank acquisitions, ongoing geopolitical tensions, and anticipated Federal Reserve rate adjustments. On August 20, December-dated gold futures (GCZ24) peaked at a record $2,570 per ounce before retreating, while spot gold has experienced a 30% rise over the past year.
Financial institutions such as Citi and Bank of America foresee substantial future gains for gold, potentially reaching $3,000. Recently, Goldman Sachs projected that gold might attain $2,700 by early 2025, given the current economic conditions.
This positive outlook benefits Barrick Gold Corporation (GOLD), one of the world’s leading gold producers. Despite recent fluctuations, Barrick Gold’s stock remains near its 52-week highs, underscoring its continued strength. With a market cap of $34.1 billion, Barrick Gold operates across various continents and engages in mining diverse materials including copper, silver, and energy resources. The stock has seen a notable increase, rising 20.5% over the past year and 21.5% in the last six months, with a recent minor dip of approximately 8.8% from its peak of $20.89 on August 20.
