Harmony Gold Mining (HMY) stock surged 7.61% in pre-market trading on Wednesday, as gold prices reached a new all-time high. The precious metal's rally was fueled by escalating trade tensions, a weaker dollar, and growing concerns over global economic growth.
Gold prices climbed above $3,300 an ounce for the first time, with spot gold rising more than 2% to break the $3,300 mark. The surge in gold prices comes as the Trump administration launched new trade probes, including investigations into the need for levies on critical minerals and semiconductor imports. These actions have intensified the ongoing trade war, driving investors towards safe-haven assets like gold.
The rally in gold prices has broadly lifted gold mining stocks, with Harmony Gold Mining among the top gainers. Analysts remain optimistic about gold's prospects, with some forecasting prices to reach $3,600 per ounce by year-end. As global economic uncertainties persist and central banks continue to accumulate gold, the outlook for gold mining companies like Harmony Gold Mining remains positive in the near to medium term.
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