Gold prices surged past $3,212 per ounce on Friday, reaching a new record high as mining stocks continued their impressive post-inauguration rally amid escalating U.S.-China trade tensions.
What Happened: Since President Donald Trump‘s Jan. 20 inauguration, major gold mining stocks have climbed over 20%, with several companies posting year-to-date gains exceeding 30% as investors seek safe-haven assets.
On Thursday, the U.S. announced a 125% tariff on Chinese imports on top of an existing 20% duty, bringing the total to 145%. This move overshadowed Trump’s 90-day pause on higher tariffs for most other countries.
Gold stocks with over 20% year-to-date gains rallied further on Thursday amid trade tensions and record gold prices.
| Company | Current Price | Daily Change | YTD Gain |
|---|---|---|---|
| Newmont Corp. (NYSE:NEM) | $50.94 | +4.49% | +32.76% |
| Barrick Gold Corp. (NYSE:GOLD) | $19.24 | +2.34% | +20.48% |
| Kinross Gold Corp. (NYSE:KGC) | $13.69 | +5.15% | +38.56% |
| SSR Mining Inc. (NASDAQ:SSRM) | $10.18 | +1.50% | +41.78% |
| Agnico Eagle Mines Ltd. (NYSE:AEM) | $111.55 | +5.43% | +36.05% |
| US Gold Corp. (NASDAQ:USAU) | $10.02 | +16.78% | +62.40% |
“Mining was the best performing sector exiting the last three recessions,” noted JPMorgan analyst Dominic O’Kane, who projects more than 50% total shareholder return for miners over two years.
Why It Matters: The latest market dynamics have been further influenced by March’s unexpected fall in U.S. consumer prices, prompting traders to bet on Federal Reserve rate cuts beginning in June.
According to the World Gold Council, global physically backed gold ETFs experienced robust inflows of $8.6 billion in March alone, with North American investors accounting for 76% of the quarterly total.
Central banks have contributed significantly to gold’s rise, purchasing 1,045 tonnes in 2024 – the third consecutive year exceeding 1,000 tonnes – as countries like Russia and China reduce dollar exposure.
With ongoing geopolitical tensions and trade uncertainty, analysts expect gold’s momentum to continue through 2026, with Bank of America raising its 2026 price target to $3,350 per ounce.
Read Next:
Image via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.