Track gold prices, investment demand and gold miners.
Goldman Sachs lowered its forecasts for the gold price at the end of 2026 and 2027 to 4150 dollars and 4800 dollars per troy ounce, respectively. The Federal Reserve’s hawkish stance is weighing on investor positions, but ongoing central-bank gold purchases and the rate cuts the bank expects at the end of 2027 support its long-term bullish view.
Brent crude rose above $117 a barrel, while a decline in global equities triggered a sell-off in gold. HSBC says central bank or Chinese buying could provide support, but a decline in India’s foreign exchange reserves could limit gold purchases by its central bank.
Quarterly average gold and silver prices fell from the previous quarter and miners’ costs rose, but BofA expects the North American precious metals companies it covers to generate substantial free cash flow. Of the 6 companies that have reported results, 5 underperformed the gold stock index after reporting.
The report reviews market themes surrounding the US midterm elections, gold demand and AI content production, while tracking power semiconductor price increases and indium phosphide substrate orders.
BofA favors Agnico Eagle’s assets and project pipeline, but both production and costs are trending toward the unfavorable ends of its full-year guidance; Eldorado faces a production downgrade, project delays and investment spending pressure.
Gold has held above 4000 dollars per ounce following a Federal Reserve rate hike and a rise in real interest rates, supported by central-bank purchases and ETF inflows. Morgan Stanley believes gold’s recent protection against stock-market declines has weakened, but it still offers a buffer during severe US Treasury sell-offs.
Newmont led off with better-than-expected results and a large buyback. Bank of America expects the North American precious metals companies it covers to generate approximately 6.1 billion dollars in free cash flow in the third quarter, but production and cost pressures are driving divergent performance across companies.
Newmont’s third-quarter EBITDA exceeded market consensus by 4%, and the company lowered its full-year cost guidance. Goldman Sachs believes the expected return to production growth in 2027 is in line with expectations, but lower by-product credits, inflation and higher development spending will constrain the scale of improvement.
Citi expects both companies’ third-quarter production to be broadly flat, shifting attention to full-year guidance and cash returns. AngloGold is weighed down by gold prices and mine disruptions, but free cash flow is expected to improve quarter on quarter; Gold Fields’ production is in line with guidance, while rising costs and a Ghanaian lease are constraints.
