Australia’s Gold Road Resources rejected a $2.1 billion takeover proposal from Gold Fields, calling the offer opportunistic following a drop in quarterly production.

The all-cash proposal was made earlier this month against a backdrop of surging gold prices, which recently surpassed $3,000 a troy ounce for the first time as economic uncertainty fuels demand for the metal as a perceived safe haven.

“Gold Fields will continue to seek the engagement of the Gold Road board to consider the merits of the proposed acquisition and to advance the proposal,” said Mike Fraser, chief executive of Gold Fields.

Source – Wall Street Journal

The yellow metal could zoom all the way to $4,000 if investors continue to lose their appetite for risk, which would mean ditching assets like stocks and cryptocurrencies, and redirecting that money into gold and Treasury bonds, according to a note Friday from Bloomberg Intelligence Strategist Mick McGlone.

“The key competitors for gold, at least for the past few years, have been the strong rise in U.S. stocks, the rise in U.S. bond yields, and the rise in digital gold—that is Bitcoin,”

Source – Barron’s

“In our bull case, we see gold prices reaching $3,500 per ounce by year-end, underpinned by much higher hedging/investment demand on fears of US hard landing/stagflation,” analysts at Citi said in a note.

Source – Reuters

Spot gold held steady at $3,047.1 an ounce as of 0700 GMT, after hitting a record high of $3,057.21 earlier in the session.

U.S. gold futures gained 0.4% to $3,054.10.

“For now, gold’s appeal as a safe haven and inflation hedge has further strengthened in light of those geopolitical concerns and tariff uncertainty. We remain constructive on the outlook of gold,” said OCBC forex strategist Christopher Wong.

Spot silver was flat at $33.8 an ounce, platinum fell 0.3% to $989.85. Palladium slipped 1% to $949.50.

Source – Reuters