Citi upbeat on Aussie gold miners as safe-haven demand lifts bullion

Perseus Mining

01/04/2025 05:02

** Shares of Australian gold miners .AXGD rise 0.8% to 11,068 points

** Gold prices hit a record peak as concerns that U.S. President Donald Trump's reciprocal tariffs might fuel inflationary pressures drove safe-haven demand GOL/

** Brokerage Citi forecasts gold prices to reach ~$3,600/oz by Q4 of 2025, adding that it expects Aussie gold-focused miners to follow gold prices higher

   ** Citi raises price target for Evolution Mining EVN.AX to A$7 from A$6 and Genesis Minerals GMD.AX to A$3.9 from A$3.4

   ** Brokerage also increases Northern Star Resources NST.AX PT to A$20 from A$18

   ** Maintains PT for Newmont Corporation NEM.AX and "buy" rating

   ** AXGD up 31.4% so far this year, including the day's move vs a 3% decline in the benchmark S&P ASX 200 .AXJO index

 (Reporting by Jasmeen Ara Shaikh in Bengaluru)

 ((JasmeenAraIslam.Shaikh@thomsonreuters.com;))