Gold miners gain as spot prices scale new record peak

Gold miners rise, tracking bullion prices GOL/

Spot gold XAU= up 1.8% to $3,230.75 an ounce; after hitting a record high of $3,237.56 earlier in the session, spurred by a weak dollar and concerns due to an intensifying trade war

Bullion is up over 6% this week

Newmont NEM.N and Barrick Gold ABX.TO up 6.9% and 4.4%, respectively

NEM shares up ~24% on the week, on pace for their best week since 1998; brokerage UBS upgrades gold miner to 'buy' from 'neutral' and says co's 2025 outlook looks achievable and will drive positive operational momentum vs low expectations

UBS also 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

U.S.-listed shares of South African miner Gold Fields GFI.N up 5.6%, AngloGold Ashanti AU.N jumps 8.3% and Harmony Gold HMY.N rises 3.7%

Shares of Canadian miners Kinross Gold K.TO and Agnico Eagle Mines AEM.TO up 4.1% and 4.6%, respectively