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Investing.com - Bernstein has revised its gold price forecast to $4,000 per ounce through 2029, according to a research note released Monday. The firm’s updated model suggests gold prices should find "strong support" at the $4,000 level, representing a significant upward revision to its previous price deck.
The research firm’s decision to set gold price targets at all-time high levels demonstrates its positive outlook toward the precious metal. Bernstein did not specify the exact factors driving the revised forecast in the released note, though it established the $4,000 level as a support price through the remainder of the decade.
Bernstein indicated that the revised gold price targets should benefit gold mining companies in its coverage, specifically naming Barrick Gold (NYSE:GOLD) and Newmont Corporation (NYSE:NEM). The firm currently maintains an "Outperform" rating on Barrick Gold and a "Market-Perform" rating on Newmont.
The research note expressed a preference for Barrick Gold over Newmont, citing "visibility around its strategy" as a key differentiator. Bernstein specifically highlighted Barrick’s most recent developments around its Fourmile project as a positive factor in its recommendation.
Gold prices have shown strength in recent months amid global economic uncertainties and geopolitical tensions, though the metal would need to climb substantially from current levels to reach Bernstein’s $4,000 target price.
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