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Investment bank Barrenjoey has raised its gold price forecasts by 7% to $2,900/oz for the period 2025-2029, with analyst Daniel Morgan noting these projections are “$100-300/oz or A$200-500/oz” above market consensus. Silver forecasts were similarly increased by 7% to $32/oz. This bullish outlook benefits Australia-listed miners, with Barrenjoey maintaining overweight ratings on companies including Capricorn Metals, Perseus Mining, and West African Resources.
Gold has performed strongly in 2025, gaining 11% to reach $2,909.60 and touching a record high of $2,947.90 on February 24. The precious metal’s rise comes as traders seek safe-haven assets amid the implementation of Trump’s tariffs and growing concerns about stagflation in the US economy. According to Ole Hansen of Saxo Bank, “There is growing speculation that we may be witnessing the beginning of the end of US exceptionalism,” with capital flowing to gold and investments outside America.
In contrast, base metals show mixed performance. Copper prices have fallen nearly $200 since President Trump announced an investigation into potential copper import tariffs. This has created significant price disparities, with US Comex copper now trading at a 10% premium over London Metal Exchange prices. SP Angel analysts note that copper market fundamentals “remain relatively shaky” due to increased refined copper production, particularly from China’s expanding smelter capacity, despite flat Chinese demand.
