TSX gains after CPI shows US inflation rose 3%
Investing.com - JPMorgan upgraded Capricorn Metals Ltd (ASX:CMM) from Neutral to Overweight and raised its price target to AUD13.00 from AUD10.50, citing significant increases in gold price forecasts.
The upgrade comes as gold forward curves moved 9% higher through the curve in the September quarter, according to the investment bank’s analysis released Tuesday.
JPMorgan has increased its long-term gold price forecast by 21% to $3,750 per ounce, aligning with its updated methodology, while noting that its Global Commodities team forecasts gold prices reaching $4,000 per ounce by March 2026.
The bank maintains a generally positive outlook on gold miners despite flagging caution on some competitors, including Northern Star and Perseus Mining, which face potential challenges from upcoming elections in key project locations.
JPMorgan also expressed continued positive sentiment toward Newmont and Evolution Mining, highlighting additional upside potential from copper exposure for these companies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.