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Key Takeaways
- The price of gold briefly crossed $3,500 per ounce on Tuesday.
- Analysts at Jefferies said that shares of companies mining precious metals could still rise, according to their report on Tuesday.
- The analysts raised their price targets for some mining stocks such as Agnico Eagle and Newmont ahead of the companies' earnings reports this week.
Jefferies analysts say that despite the fact that gold prices continue to reach record highs, shares of companies mining the precious metal may still have room for growth.
The price of gold briefly surpassed $3,500 an ounce Tuesday. This was a record-breaking day for the second time in a row. Recent trading has seen the precious metal rise nearly 30% in 2025, to $3,387 an ounce. Jefferies analysts Tuesday told clients that gold was “the only true haven left” amid worries over a U.S. tariff war with China, and President Donald Trump’s recent remarks attacking Federal Reserve chair Jerome Powell.
Jefferies stated that gold mining stocks still haven’t caught up with the rally. Analysts say that current mining stock prices would indicate a gold price around $2,500 an ounce. That’s well below current levels. Analysts pointed to Barrick Gold as a potential “catch-up candidate” and raised their price target for several other mining companies including Agnico Gold (AGI) and Alamos Gold.
Bank of America also boosts stock targets for gold miner
Bank of America Securities raised its targets on Barrick, Agnico and Alamos as well as Newmont (NEM), the shares of which have risen by nearly 50% this year.
Newmont is expected to report earnings for the first quarter on Wednesday. Agnico will follow a day after. Alamos & Barrick are scheduled to follow on May 7 and 30 respectively.
