We recently published a list of 10 Stocks Outperform Broader Market Last Week. In this article, we are going to take a look at where New Gold Inc. (NYSEAMERICAN:NGD) stands against other stocks that outperformed broader market last week.

Wall Street’s main indices traded lower week-on-week as investor sentiment continued to be dragged by the ongoing trade tensions globally.

The tech-heavy Nasdaq was down by 2.59 percent versus its level on March 21. Meanwhile, the S&P 500 declined by 1.5 percent and the Dow Jones dropped by 0.956 percent.

Ten individual stocks, on the other hand, managed to stay stronger, three of which were particularly notable as funds flocking to gold assets spilled over into their stocks.

In this article, we listed last week’s 10 top performers and detailed the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million trading volume.

Aerial view of an open mine with large cranes and excavators working on the surface.

New Gold Inc. (NYSEAMERICAN:NGD)

New Gold saw its share prices increase by 11.8 percent week-on-week to finish at $3.6 apiece versus the $3.22 registered on March 21 as investor sentiment was buoyed by gold spot prices’ new all-time highs.

As of Friday, spot prices of gold were already up by 0.91 percent to a new all-time high of $3,085.12 per ounce. Friday’s increase marked its 18th record high this year as investors’ funds flocked to safer assets such as gold to mitigate risks from the US trade war with other economies.

Further adding to the sentiment was Bank of America’s raising of its average gold price targets for this year and the next to $3,063 per ounce this year and $3,350 per ounce in 2026.

The new figures were markedly up from its previous forecasts of $2,750 per ounce for 2025 and $2,625 per ounce for 2026.

NGD is an intermediate gold mining company with a portfolio of two core-producing assets in Canada, namely the Rainy River Mine in Ontario and the New Afton Mine in British Columbia.

Overall, NGD ranks 5th on our list of stocks that outperformed broader market last week. While we acknowledge the potential of NGD as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as NGD but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.