Mining shares surge as gold prices hit $5,100/oz; analysts see gold moving to $6,000

[stack of shiny gold bars 3d illustration]
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Shares of precious metals miners jumped in early trading Monday, as gold bullion prices rose to a record high above $5,100/oz, crossing $5,000 for the first time [https://seekingalpha.com/news/4542296-gold-tops-5000-per-ounce] earlier, and silver topped $110/oz, as worries about a U.S. government shutdown [https://seekingalpha.com/news/4542461-silver-and-gold-rally-further-as-government-shutdown-fears-intensify] added to the metal's historic rally.

Front-month Comex gold (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR]) for February delivery recently traded +2.4% to $5,097.90/oz, and Comex March silver (XAGUSD:CUR [https://seekingalpha.com/symbol/XAGUSD:CUR]) was +11.3% to $112.85/oz; for the week, after last week gaining 8.4% and 14.6%, respectively, in their largest weekly percentage gains since 2020.

Among precious metals miners sporting new 52-week highs on Monday: GoldMining Inc. (GLDG [https://seekingalpha.com/symbol/GLDG]) +14.2%, First Majestic Silver (AG [https://seekingalpha.com/symbol/AG]) +8.7%, Gold Fields (GFI [https://seekingalpha.com/symbol/GFI]) +8.6%, Eldorado Gold (EGO [https://seekingalpha.com/symbol/EGO]) +8.2%, Anglogold Ashanti (AU [https://seekingalpha.com/symbol/AU]) +5.9%, Endeavour Silver (EXK [https://seekingalpha.com/symbol/EXK]) +5.8%, SSR Mining (SSRM [https://seekingalpha.com/symbol/SSRM]) +5.7%, Sibanye Stillwater (SBSW [https://seekingalpha.com/symbol/SBSW]) +5.4%, U.S. Goldmining (USGO [https://seekingalpha.com/symbol/USGO]) +5.2%, Harmony Gold (HMY [https://seekingalpha.com/symbol/HMY]) +5.1%, Pan American Silver (PAAS [https://seekingalpha.com/symbol/PAAS]) +4.9%, Wheaton Precious Metals (WPM [https://seekingalpha.com/symbol/WPM]) +4.9%, Kinross Gold (KGC [https://seekingalpha.com/symbol/KGC]) +4.5%, Hecla Mining (HL [https://seekingalpha.com/symbol/HL]) +4.2%, Franco-Nevada (FNV [https://seekingalpha.com/symbol/FNV]) +3.7%, Iamgold (IAG [https://seekingalpha.com/symbol/IAG]) +3.7%, Avino Silver & Gold (ASM [https://seekingalpha.com/symbol/ASM]) +3.6%, Coeur Mining (CDE [https://seekingalpha.com/symbol/CDE]) +3%, Newmont (NEM [https://seekingalpha.com/symbol/NEM]) +3%, New Gold (NGD [https://seekingalpha.com/symbol/NGD]) +3%, Agnico Eagle Mines (AEM [https://seekingalpha.com/symbol/AEM]) +2.9%, Barrick Mining (B [https://seekingalpha.com/symbol/B]) +2.7%, Alamos Gold (AGI [https://seekingalpha.com/symbol/AGI]) +2.5%.

Dollar weakness and lower interest rates have raised gold's safe-haven appeal, and many of the world's central banks have been rotating aggressively into gold to burnish their foreign reserves.

Renewed worries about tariffs also added to the risk-off mood after President Trump threatened measures against Canada over a trade deal with China.

Analysts say gold prices could climb further toward $6,000/oz [https://www.reuters.com/world/india/gold-has-more-room-run-geopolitics-cenbank-buying-fuel-gains-analysts-say-2026-01-26/] this year ​on mounting global tensions as well as strong central bank and retail demand.

"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," analysts at Société Générale said in a note.

"The only certainty at the moment seems to be uncertainty, and that's playing very much into gold's hands."

ETFs: (GLD [https://seekingalpha.com/symbol/GLD]), (GDX [https://seekingalpha.com/symbol/GDX]), (GDXJ [https://seekingalpha.com/symbol/GDXJ]), (IAU [https://seekingalpha.com/symbol/IAU]), (NUGT [https://seekingalpha.com/symbol/NUGT]), (PHYS [https://seekingalpha.com/symbol/PHYS]), (GLDM [https://seekingalpha.com/symbol/GLDM]), (AAAU [https://seekingalpha.com/symbol/AAAU]), (SGOL [https://seekingalpha.com/symbol/SGOL]), (RING [https://seekingalpha.com/symbol/RING]), (BAR [https://seekingalpha.com/symbol/BAR]), (OUNZ [https://seekingalpha.com/symbol/OUNZ]), (SLV [https://seekingalpha.com/symbol/SLV]), (PSLV [https://seekingalpha.com/symbol/PSLV]), (SIVR [https://seekingalpha.com/symbol/SIVR]), (SIL [https://seekingalpha.com/symbol/SIL]), (SILJ [https://seekingalpha.com/symbol/SILJ])

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