** Shares of gold miner Newmont Corp NEM.N up 7.5% at $54.75 and on track for fifth straight session of gains on Fri

** With move on the session, NEM shares up ~24% on the week, pacing their best week since 1998

** Consistent with past major macro shocks (GFC and Covid), gold and gold stocks were initially sold and are now rallying, UBS says

** Macro backdrop for gold is incrementally more supportive, UBS says, and upgrades NEM to 'buy' from 'neutral'

** Brokerage boosts gold price targets for 2025 to $3,100/ounce and for 2026 to $3,500/ounce, up from prior forecast of $2,900 for both years

** NEM has underperformed over the last five years, UBS says, adding co's 2025 guidance looks achievable and will drive positive operational momentum vs low expectations

** UBS raises NEM PT by 20% to $60, inline with Wall Street median, per LSEG data

** This as gold miners climb as spot gold XAU= on Fri jumps to fresh record highs, above $3,200/ounce, spurred by weak US dollar .DXY and intensifying trade war worries

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))