Goldman Sachs and UBS have raised their forecasts for gold in 2025 after the safehaven metal marked a new record last week when it rose above $US3,200 an ounce.
Goldman Sachs now sees gold hitting US$3,700 ($5,862) an ounce before the end of the year, up from its previous US$3,300-an-ounce target price, while UBS lifted its pricing point to US$3,500 in 2025 from US$3,200 previously.
UBS strategist Joni Teves says the case for adding gold allocations has become more compelling than ever in this environment of escalating tariff uncertainty, weaker growth, higher inflation and lingering geopolitical risks.
Meanwhile, the Australian Securities Exchange (ASX) found some upward momentum today (14 April).
The S&P/ASX 200 climbed 102.1 points, or 1.34%, to 7,748.6 points by the closing bell. The index has risen 1.05% over the past five sessions and walked backed its losses over the past year-to-date to 5.03%.
Ten of the 11 sectors ended in the positive. The information technology sector was the best performing on the back of US President Donald Trump’s exemptions on certain smartphones and computers headed to the US from China. The sector gained 2.68% by the end of the session and has rallied 9.5% over the past five days.
Materials was also a strong performer, jumping 2.03%, while energy advanced 1.51% and industrials rose 0.78%.
Diversified miner Mineral Resources (ASX:MIN) held onto its gains, closing up 8.22% at $18.04. Coal producer Stanmore Resources (ASX:SMR) jumped 7.88% to $1.78, followed by Whitehaven Coal (ASX:WHC), which advanced 4.8% to $5.02.
Gold explorer De Grey Mining (ASX:DEG), meanwhile, was lifted 1.6% to close at $2.54 after Gold Road Resources (ASX:GOR) said it supported the takeover offer tabled by Northern Star Resources (ASX:NST) and would vote in favour of the deal at this week’s meeting.
The news added 1.17% to Northern Star’s share price, which closed at $21.65.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation.
It is recognised as the institutional investable benchmark in the country.
Write to Angela East at Mining.com.au
Images: ASX & iStock
