Gold prices have continued to surge, with spot prices now up close to 30% since the start of 2024. Uncertainty over the pace of forecast interest rate cuts, ongoing inflation and rising US Government debt are all likely to continue to drive a favourable pricing environment for gold. We are upgrading our gold price forecasts by 11-35% over the next five years, with the spot price expected to peak at US$3,000/oz in 2026.
These changes have translated to material upgrades to our earnings and price targets of our ASX gold coverage. We reiterate our preference for stocks with strong organic growth potential, led by GMD, WGX and CMM. VAU and RRL continue to lead value screens, as does the West African producers PRU and WAF. Of the Australian developers, DEG, MAU and OAU remain our preferred picks. Internationally, our preferred development plays are WIA and TOK. We upgrade RMS, BGL and OBM from HOLD to BUY and SPR from HOLD to SPEC BUY on the back of the more bullish outlook for gold.
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