Newmont surges: UBS turns bullish, hikes gold price forecasts

Shares of gold miner Newmont Corp NEM.N up 7.5% at $54.75 and on track for fifth straight session of gains on Fri

With move on the session, NEM shares up ~24% on the week, pacing their best week since 1998

Consistent with past major macro shocks (GFC and Covid), gold and gold stocks were initially sold and are now rallying, UBS says

Macro backdrop for gold is incrementally more supportive, UBS says, and upgrades NEM to 'buy' from 'neutral'

Brokerage boosts gold price targets for 2025 to $3,100/ounce and for 2026 to $3,500/ounce, up from prior forecast of $2,900 for both years

NEM has underperformed over the last five years, UBS says, adding co's 2025 guidance looks achievable and will drive positive operational momentum vs low expectations

UBS raises NEM PT by 20% to $60, inline with Wall Street median, per LSEG data

This as gold miners climb as spot gold XAU= on Fri jumps to fresh record highs, above $3,200/ounce, spurred by weak US dollar .DXY and intensifying trade war worries