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<Research>BOCI Estimates Avg. Gold Price to Rise to USD4,800 This Yr, USD5,200 Next Year
Recommend 20 Positive 43 Negative 16 |
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After gold prices proliferated 67% last year, they have swelled another 6% year-to-date, touching a historical high, BOCI said in a research report. The broker expected ongoing purchases by central banks and insurance companies globally, along with a shift of funds from cryptocurrencies to gold, to further shore up gold prices. Recent global geopolitical tensions and market expectations of further rate cuts by the US increased the appeal of gold as a safe-haven asset. The broker projected that the average gold price will rise 40% YoY in 2026, potentially reaching USD5,200/ oz in 2027, with a long-term forecast of USD5,500/ oz. The broker assigned an Overweight rating to the Chinese gold industry, anticipating brisk growth for all Chinese gold miners this year. Its top picks are SD GOLD (01787.HK) and ZHAOJIN MINING (01818.HK), both rated Buy with target prices of HKD52.06 and HKD44.78, respectively. The broker also assigned a Hold rating to ZIJIN GOLD INTL (02259.HK), expecting its stock price to face pressure after the lock-up period for cornerstone investors ends in March 2026, with a target price of HKD152. Meanwhile, ZIJIN MINING (02899.HK) was rated Buy, with the target price raised to HKD46.43, as it was believed to benefit as a multi-metal producer. AASTOCKS Financial News Website: www.aastocks.com |
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