Shares of gold miners jumped in morning trading on Monday, as bullion prices surged to a record high of US$5,100 an ounce, extending a historic rally driven by safe-haven demand amid geopolitical uncertainties and market volatility.
Gold rose about 64 per cent in 2025, its steepest annual increase since 1979, fuelled by U.S. monetary policy easing, robust central bank buying and investor flows into ETFs as a hedge against global policy risks and macro uncertainty.
A low-interest-rate environment and economic uncertainty traditionally favour non-yielding assets such as gold.
“We now see gold reaching $6,000 per ounce by year-end, with the caveat that this is probably a conservative estimate and it could well go higher,” said analysts at Societe Generale.
Bullion prices have set consecutive record peaks over the past week and have already risen more than 18 per cent this year.
A higher gold price environment typically boosts miners’ revenues and margins, strengthens cash flows and balance sheets, and gives companies more room to fund expansion, dividends or debt reduction.
Top miners Newmont NEMCL +1.80%increase rose 2.4 per cent and Barrick Mining ABX-T +3.44%increase climbed 2.6 per cent.
Market expectations of potential interest cuts in the U.S. in 2026 have also contributed to the upward momentum in gold prices.
Canadian miners Agnico Eagle Mines AEM-T +3.57%increase rose nearly 2 per cent and Kinross Gold K-T +4.67%increase gained nearly 3 pet cent.
Tracking the bullion rally, silver prices scaled a new high above US$100 an ounce on Friday, building on its record 147-per-cent rise last year.
“We expect a period of ’stronger for longer’ silver prices to persist in the near to medium term,” said Scotiabank analysts.
Shares of Hecla Mining HL-N +4.68%increase and Coeur Mining CDE-N +2.91%increase rose 4.7 per cent and 4 per cent, respectively.
Canada-based Endeavour Silver EDR-T +5.95%increase, Silvercorp Metals SVM-T +6.11%increase and Wheaton Precious Metals WPM-T +4.63%increase added between 4.1 per cent and 7.3 per cent.
In addition, ETFs abrdn Physical Silver Shares and iShares Silver Trust each up jumped 7.8 per cent.
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