Have you ever seen $Gold - main 2504(GCmain)$ at $3,000 per ounce?
This week, propelled by the plunge of the $USD Index(USDindex.FOREX)$ and factors such as safe-haven demand, we have witnessed the historic moment when gold prices first breached the $3,000 mark.
Technically speaking, some analysts believe that gold futures may be approaching a resistance level that has persisted for a year, with the current resistance level just below $3,099.
Do you think gold will experience a pullback? Or will it consolidate below the resistance level before making a decisive breakout?
In this article, we have compiled the performance charts of the top gold stocks and ETFs by market value. We have also analyzed the reasons for the continuous rise in gold prices in 2025 and the price forecasts from institutions.
First, let's take a look at the ranking of the top ten gold stocks by market capitalization:
$Gold Fields(GFI)$ , $Alamos(AGI)$ , $Wheaton Precious Metals(WPM)$ , $Agnico Eagle Mines(AEM)$ , $Franco-Nevada(FNV)$ , $Newmont Mining(NEM)$ , $Barrick Gold Corp(GOLD)$ , $Anglogold Ashanti(AU)$ , $Kinross(KGC)$ , $Royal(RGLD)$
And the Gold-related ETFs also performs very well.
Such as $Direxion Daily Gold Miners Index Bull 2X Shares(NUGT)$ have surged by over 66%, Market Vectors $VanEck Junior Gold Miners ETF(GDXJ)$ has risen by more than 32.14%, $VANECK VECTORS GOLD MINERS A SHARES(GDX.UK)$ has increased by 31.44%, $ProShares Ultra Gold(UGL)$ has gone up by 27.25%, $iShares Gold Trust(IAU)$ has climbed by 14.36%, and $SPDR Gold Shares(GLD)$ has risen by 14.29%.
The reasons for gold prices hitting $3,000 per ounce in the US secondary market in 2025 are mainly as follows:
Strong Investor Demand: High investor demand, fueled by US policy uncertainty and central bank purchases, drove gold prices above $3,000 per ounce. Global gold ETF holdings surged by around 3 million ounces in February, with the largest gold ETF $SPDR Gold Shares(GLD)$ seeing a record $4 billion inflow.
Policy Uncertainty: US policy uncertainty is boosting investor demand. Goldman Sachs expects central banks' gold purchases to remain elevated following the 2022 Russian central bank reserve freeze.
Central Banks' Gold Purchases: In 2024, global gold demand hit a record 4,974 tons, with central banks buying over 1,000 tons for three consecutive years and a 54% Q4 increase, accounting for over 70% of the annual demand growth.
Monetary Easing Expectations: Fears of a US recession in 2025 have led to expectations of multiple Fed rate cuts, which will loosen liquidity and weaken the US Dollar Index, supporting gold prices.
Safe-Haven Sentiment: US protectionist policies, such as tariffs, have increased global economic uncertainty and safe-haven demand for gold.
Physical Gold Demand: Comex gold inventory has surged to over 40 million ounces (1,250 tons) since the US election in November, reflecting strong physical gold delivery demand.
These factors together have propelled gold prices to $3,000 per ounce in the US secondary market in 2025.
Gold at $3,000 per Ounce: Can It Continue? Institutions See $3,200:
The price of gold hitting $3,000 per ounce may continue to drive the performance of gold companies.
According to information from Investopedia, gold, as a safe-haven asset, is typically included in investment portfolios to hedge against inflation and market volatility. Additionally, due to ongoing inflation concerns, geopolitical tensions at home and abroad leading to market instability, and changes in the interest rate environment in 2024 and early 2025, gold prices have set new highs on several occasions in recent weeks.
Moreover, three major investment banks still have higher expectations for gold prices at the end of 2025:
$Goldman Sachs(GS)$ has significantly raised its year-end 2025 gold price forecast from $2,890 to $3,100 per ounce in its latest report, and it could even reach $3,300. Goldman Sachs believes that central bank buying will drive gold prices up by another 9% before the end of this year, while declining fund interest rates and expanding ETF holdings also provide strong support for gold prices.
$UBS Group AG(UBS)$ also predicts that gold prices will climb to $3,200 later this year, then gradually decline and stabilize at $3,000 by the end of 2025.
Macquarie Group forecasts that gold prices will reach $3,500 per ounce in the third quarter of 2025.
According to a survey by the London Bullion Market Association, a study of 26 analysts shows that gold prices are expected to remain around $2,737 per ounce in 2025.
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