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Gold market strength boosts equities as UBS sees room for more gains
Gold mining stocks have surged in 2025, outpacing bullion as strong quarterly results and disciplined capital spending help restore investor confidence, UBS said. The GDX index has risen more than 40% year-to-date and outperformed gold by 15% over the past three months, led by Gold Fields (+40%), AngloGold Ashanti (+30%), Newmont (+30%) and Kinross (+25%). UBS noted first- and second-quarter results were broadly positive, with record free cash flow, stable production and cost guidance despite higher royalties, and a focus on cash returns over aggressive capital spending. Analysts said the sector is “starting to ... (full story)
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