Spot Gold Extends Gains, Hits Record High of $3,057.75/Oz; Gold Stocks Jump; Coeur Mining up 4%; Harmony Gold up 2%
Spot gold extended gains, hitting a record high of $3,057.75/Oz. Gold stocks jumped in Thursday trading. Coeur Mining up 4%; Harmony Gold rose 2%; Barrick Gold, Gold Fields up 1%.
Goldman Sachs on Wednesday raised its year-end forecast for gold (XAUUSD:CUR), as the precious metal continues to hit record highs amid global turmoil caused by U.S. President Donald Trump's trade war.
Gold recently crossed above the $3,000/oz level for the first time ever, and is now +15.6% YTD, versus Wall Street's benchmark S&P 500 index (SP500) which is -2.9%. The difference in performance underscores gold's traditional role as a safe haven asset from risk.
“We raise our end-2025 forecast to $3,300/toz (vs. $3,100) and our forecast range to $3,250-$3,520,” Goldman Sachs said, citing "upside surprises in ETF inflows" and continued demand from central banks.
Bank of America on Wednesday said it sees gold reaching $3,500/oz within the next two years.
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