Gold continues its aggressive upward trajectory, recently trading at $3,411 per ounce, with top financial firms projecting even higher levels. Goldman Sachs forecasts gold reaching $3,700 by the end of 2025 and $4,000 by mid-2026. UBS analysts also predict a rally to $3,500 by December 2025. This bullish outlook benefits major mining companies like U.S. Gold Corp. (NASDAQ: USAU), Freeport-McMoRan (NYSE: FCX), Centerra Gold (NYSE: CGAU) (TSX: GG), Barrick Gold (NYSE: B) (TSX: ABX), and Newmont Corp. (NYSE: NEM) (TSX: NGT).
These gains are driven by stronger-than-expected central bank gold demand, persistent geopolitical tensions, trade conflicts, and global economic uncertainty.
Adding to market tensions, China rejected accusations from the Trump administration alleging violations of a recent trade deal signed in Geneva, which the U.S. claims have stalled negotiations. China criticized U.S. restrictions on its chip industry, arguing these measures violate the Geneva agreement, fueling ongoing friction between the world’s two largest economies.
With global tensions unresolved, some analysts believe gold could surpass $4,000 even sooner than Goldman Sachs’ 2026 estimate.
U.S. Gold Corp. to Join Russell 3000 and Russell 2000 Indexes
U.S. Gold Corp. announced its inclusion in the Russell 3000 and Russell 2000 indexes, effective after U.S. markets open June 30, 2025. The indexes are reconstituted annually based on market capitalization rankings as of April 30, 2025. Inclusion means U.S. Gold’s stock will be added automatically to relevant growth and value indexes, increasing its visibility among institutional investors.
Luke Norman, Chairman of U.S. Gold, hailed the milestone as validation of the company’s momentum, highlighting ongoing development of the CK Gold Project in Cheyenne, Wyoming.
Russell indexes serve as benchmarks for trillions in assets worldwide, underscoring the significance of this inclusion.
Major Miners Report Solid Q1 Results
Freeport-McMoRan reported $352 million net income attributable to common stock in Q1 2025, emphasizing its commitment to producing essential metals responsibly amid economic uncertainty.
Centerra Gold delivered positive free cash flow and maintained strong production guidance for 2025, with ongoing investments in the Thompson Creek restart and a robust cash position of $608 million. The company also increased share repurchases to $14.9 million in Q1.
Barrick Gold now trades under the ticker symbol ‘B’ on the NYSE, reflecting its status as a global leader in gold and copper mining. CEO Mark Bristow highlighted Barrick’s focus on growth through a balanced portfolio of Tier One gold mines and expanding copper assets to meet rising demand driven by electrification and infrastructure development.
Newmont Corp. reported 1.5 million attributable gold ounces produced in Q1 and a record $1.2 billion in free cash flow. CEO Tom Palmer emphasized Newmont’s progress in divesting non-core assets and reaffirmed 2025 guidance while positioning the company as a top-tier gold and copper producer.
