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Investing.com -- Bank of America upgraded Barrick Gold to Buy, saying a tighter global supply backdrop and a clearer path to higher gold prices improve the miner’s long term positioning.
The move follows a broad refresh of the bank’s commodity forecasts that lifted its 2026 estimates for gold, silver, aluminum and other metals.
BofA raised its 2026 gold price forecast by 2.3% to $2,750 per ounce and said macro conditions remain supportive despite slower demand from China.
Analysts said unorthodox US economic policies, supply disruptions and rising trade protections continue to underpin precious metals.
They added that gold remains underinvested and outlined a pathway for prices to reach $5,000 per ounce, though a more hawkish Federal Reserve poses a risk.
The brokerage said Barrick’s rerating case rests on five drivers: a sharper focus on capital returns, a shift toward developed market assets, lower 2026 unit costs at Nevada Gold Mines, undervalued upside from the Fourmile project and a cheaper valuation compared with senior peers.
BofA also increased its long term gold and silver price assumptions to $3,000 and $42 per ounce.
The bank reiterated ratings across its broader coverage. In base metals, it said copper supply remains tight and kept Freeport McMoRan as its top pick as supply issues offset slower demand growth in China.
In steel, BofA said US hot rolled coil prices are gaining traction on lower imports and reduced domestic supply, with Commercial Metals its preferred name.