Shares of AngloGold Ashanti (AU) surged 5.73% in pre-market trading on Thursday, propelled by a buoyant outlook for gold prices and the company's robust financial performance.
The rally comes on the heels of a stellar earnings report from AngloGold Ashanti, which announced a 42% jump in profit to $1.2 billion for 2024. The company's strong cash generation has prompted it to consider a share buyback program, a move that is expected to enhance shareholder returns.
Analysts forecast gold prices to potentially breach the $3,000 per ounce mark this year, underpinned by safe-haven demand and accommodative monetary policies. This bullish outlook for gold prices is providing a favorable backdrop for gold mining companies like AngloGold Ashanti.
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