Caixin Weekly | Gold Prices: After 66 Record Highs (AI Translation)
00:00/00:00
Listen to this article
1x
Subscribe now
Listen to the full version
Listen to the full version
This article was translated from Chinese using AI. The translation may contain inaccuracies. Click the button on the right to hide or reveal the original version.
4月底，伦敦和纽约两市金价都一度超过了3500美元/盎司的历史高点。进入2025年下半年后，新高数字仍在被不断刷新。图：视觉中国
文｜财新周刊 罗国平
By Luo Guoping, Caixin Weekly
文｜财新周刊 罗国平
By Luo Guoping, Caixin Weekly
毋庸置疑，黄金是一年半以来全球表现最佳的另类资产：金价继2024年创下40个新高之后，2025年上半年再创26个新高。
There is no doubt that gold has been the world’s best-performing alternative asset over the past year and a half: after reaching 40 new highs in 2024, gold prices set an additional 26 record highs in the first half of 2025.
世界黄金协会（WGC）在7月15日发布的报告中披露了上述数据。2025年以来，以美元计价的伦敦金银市场协会（LBMA）黄金现货价格同比增长四成，其间4月底，伦敦和纽约两市金价都一度超过了3500美元/盎司的历史高点。进入2025年下半年后，上述66个新高的数字仍在被不断刷新。
The World Gold Council (WGC) disclosed the above data in a report released on July 15. Since the beginning of 2025, the spot price of gold, as quoted by the London Bullion Market Association (LBMA) in US dollars, has surged 40% year‑on‑year. At the end of April, gold prices in both the London and New York markets briefly surpassed the historic high of $3,500 per ounce. Moving into the second half of 2025, the figure of 66 record highs continues to be updated.
You've accessed an article available only to subscribers
VIEW OPTIONS
Disclaimer
Caixin is acclaimed for its high-quality, investigative journalism. This section offers you a glimpse into Caixin’s flagship Chinese-language magazine, Caixin Weekly, via AI translation. The English translation may contain inaccuracies.
Share this article
Open WeChat and scan the QR code
- DIGEST HUB
Digest Hub
Back
Caixin Weekly | Gold Prices: After 66 Record Highs (AI Translation)
Explore the story in 30 seconds
- Gold prices hit 66 new highs from 2024 to mid-2025, reaching over $3,500/oz, with London spot prices up 40% year-on-year and driven by central bank/ETF demand and global uncertainties.
- Major gold companies' profits surged (e.g., Newmont’s H1 2025 profit rose 2.86x to $3.95B), and M&A activity intensified after record price gains.
- Analysts predict continued medium-long-term bullishness, with forecasts of $3,700–$4,100/oz by 2026, supported by tight supply and strong institutional buying.
AI generated, for reference only
Explore the story in 3 minutes
[para. 1]
AI generated, for reference only
Who’s Who
- Newmont
- Newmont, the world's largest gold company, reported significant financial growth, with a net profit of $3.952 billion in the first half of 2025, an increase of 286%. In November 2023, Newmont solidified its position as the top global gold miner by fully acquiring Newcrest Mining. In October 2024, Zijin Mining acquired the Akyem gold mine in Ghana from Newmont.
- Zijin Mining
- Zijin Mining, China's largest gold mining company, reported a net profit of 23.2 billion yuan in the first half of 2025, a 54% year-on-year increase. Zijin Chairman Chen Jinghe is very bullish on gold, calling it the "currency of currencies" and a cornerstone of economic security. The company plans to reach 100-110 tons of mined gold by 2028.
- China Gold International Resources
- The article mentions "中金黄金" (China Gold International Resources) as a Chinese gold company. It highlights that China Gold International Resources forecasts a net profit of 2.614 to 2.875 billion yuan for the first half of 2025, which would be a 50% to 65% year-on-year increase. This indicates a positive performance for the company amidst rising gold prices.
- Shandong Gold
- Shandong Gold's net profit for the first half of 2025 is estimated to be between 2.55 billion and 3.05 billion yuan, marking an 84.3% to 120.5% year-on-year increase. In 2023, the company acquired a 20.93% stake in Yintai Gold for 12.76 billion yuan, becoming its controlling shareholder. In August 2024, Shandong Gold International completed the acquisition of Osino Resources for 2.15 billion yuan.
- Northern Star Resources
- In 2024, Northern Star Resources, an Australian company, acquired Australia's De Grey Mining for $3.26 billion. This transaction highlights the increasing trend of mergers and acquisitions in the gold mining sector, driven by rising gold prices and companies' desire to expand production capacity and reserves.
- De Grey Mining
- De Grey Mining was involved in one of the notable gold mining acquisitions in 2024. Australia's Northern Star Resources (ASX: NST) acquired De Grey Mining for $3.26 billion, contributing to the increasing trend of mergers and acquisitions in the gold mining sector driven by rising gold prices.
- AngloGold Ashanti
- AngloGold Ashanti, Africa's largest gold producer, acquired Centamin, a smaller Egyptian mining company, for $2.48 billion in 2024. This acquisition was part of a trend of increasing mergers and acquisitions in the gold mining industry, stimulated by rising gold prices.
- Centamin
- English: Centamin is a small Egyptian mining company that AngloGold Ashanti, Africa's largest gold miner, acquired for $2.48 billion in 2024.
- Pan American Silver
- In November 2024, Zijin Mining acquired Pan American Silver's La Arena copper-gold mine project in Peru for $245 million.
- CMOC Group Limited
- CMOC Group Limited (洛阳钼业) is an A Chinese non-ferrous metals company. In April 2025, it announced the acquisition of the undeveloped Cangrejos gold mine in Ecuador for 581 million Canadian dollars (approximately 421 million US dollars). This move highlights CMOC's expanding interest in gold assets amid rising gold prices.
- Shanjin International
- Shanjin International (000975.SZ) completed its acquisition of Osino Resources, a Canadian-listed gold company, for 368 million Canadian dollars (approximately 2.15 billion yuan) in August 2024. This acquisition added the Twin Hills gold mine in Namibia to its portfolio.
- Osino Resources
- Osino Resources was acquired by Shandong Gold for C$368 million (approximately RMB 2.15 billion) in August 2024. This acquisition allowed Shandong Gold to incorporate Osino Resources' Twin Hills gold mine in Namibia into its portfolio. This deal highlights the growing trend of Chinese buyers investing in gold assets abroad.
- Zhaojin Mining
- Zhaojin Mining (01818.HK), a Chinese gold company, completed the acquisition of Tietto Minerals, an Australian-listed gold company, in June 2024. The deal, valued at approximately $500 million, secured Tietto's primary asset, the Abujar gold mine in Côte d'Ivoire, West Africa, for Zhaojin.
- Tietto Minerals
- Tietto Minerals, an Australian-listed gold company, was acquired by China's Zhaojin Mining in June 2024 for approximately $500 million. Tietto Minerals' main asset is the Abujar gold mine in Côte d'Ivoire, West Africa.
- Vale
- Vale is not mentioned in the provided article content. The article primarily discusses the rising price of gold, the performance of gold mining companies like Newmont and Zijin Mining, and the increasing M&A activities in the gold sector.
- Newcrest Mining
- Newcrest Mining, an Australian gold company, was fully acquired by Newmont in November 2023 for 250 billion Australian dollars (approximately 16.5 billion USD). This acquisition solidified Newmont's position as the world's largest gold mining company.
AI generated, for reference only
What Happened When
- October 2022：
- International gold prices briefly retreated to $1,600 per ounce.
- 2023：
- Annual mined gold production peaked at 3,710.4 tons (World Gold Council data).
- 2023：
- Shandong Gold acquired a 20.93% stake in Silvercorp Metals for 12.76 billion yuan.
- 2023：
- Mali amended mining legislation to increase government stake in mining projects; regulatory tensions between Barrick and Malian government began.
- November 2023：
- Newmont completed the acquisition of Newcrest Mining for approximately $16.5 billion USD.
- 2023 and 2024：
- Gold ranked as the leading mineral category for global mining sector M&A, with annual deal values of $21.08 billion and $19.3 billion respectively.
- 2024：
- Global central banks' gold purchases exceeded 1,000 metric tons annually (2022–2024).
- 2024：
- By 2024, gold surpassed the euro to become the world’s second-largest reserve asset, accounting for 19.8% of global currency reserves.
- 2024：
- Mined gold production declined by 3% to 3,591.7 tons; recycled gold production reached a ten-year high of 1,366.8 tons.
- By 2024：
- Major gold mine acquisitions included NST's purchase of De Grey Mining ($3.26B) and AngloGold Ashanti's purchase of Centamin ($2.48B).
- June 2024：
- Zhaojin Mining completed its acquisition of Tietto Minerals for approximately $500 million.
- August 2024：
- Shanjin International completed the acquisition of Osino Resources for C$368 million.
- October 2024：
- Zijin Mining acquired the Akyem gold mine in Ghana from Newmont for $1 billion.
- October 2024：
- At the China Mining Conference, Yao Shunyu stated the major gold project discovery rate is declining.
- November 2024：
- Zijin Mining acquired the La Arena copper-gold mine project in Peru from Pan American Silver for $245 million.
- January 2025：
- Production at Barrick's Loulo-Gounkoto mine in Mali halted.
- April 2025：
- China Molybdenum announced it would acquire the under-construction Cangrejos gold mine in Ecuador for C$581 million (approx. $421 million).
- End of April 2025：
- Gold prices in London and New York briefly surpassed $3,500/oz.
- By May 22, 2025：
- Goldman Sachs’s Samantha Dart cited the impact of 2022’s freezing of Russia's USD assets on central banks' gold purchases.
- First half of 2025：
- Gold prices set 26 additional record highs; global central banks purchased 415 metric tons of gold, a decrease of ~20% YoY; jewelry consumption fell to 782 tons, down 18% YoY; global gold investment demand rose 117% YoY (to 1,028.4 metric tons).
- First half of 2025：
- Newmont posted net profit attributable to shareholders of $3.952 billion.
- First half of 2025：
- Zijin Mining projected net profit attributable to shareholders to reach RMB 23.2 billion, up ~54% YoY.
- First half of 2025：
- China gold futures trading volume reached 7.6071 million contracts, up 79.18% YoY; transaction value rose 149% YoY.
- First half of 2025：
- Gold futures options trading volume rose to RMB 101.787 billion, up 252.64% YoY.
- June 2025：
- Zijin Mining agreed to acquire the Raygorodok gold mine in Kazakhstan for $1.2 billion.
- June 2025：
- According to a WGC survey released, 95% of 73 central banks surveyed anticipated global gold reserves to increase over the next 12 months.
- June 2025：
- Government of Mali assumed temporary control of Loulo-Gounkoto mine.
- End of June 2025：
- Assets under management by global gold ETFs reached a record $382.8 billion; gold holdings rose to 3,616 metric tons.
- July 2025：
- Mali's military government used helicopters to directly remove gold from Loulo-Gounkoto mine.
- July 13, 2025：
- Goldman Sachs projected gold prices to reach $3,700/oz by end-2025 and $4,000/oz by mid-2026.
- July 15, 2025：
- World Gold Council report released data on gold price performance: 40 new highs in 2024, 26 additional in first half of 2025.
- August 4, 2025：
- Citibank raised its gold price forecast for the next three months from $3,300 to $3,500 per ounce.
- August 7, 2025：
- New York gold prices began to consistently outpace London, hitting new record highs.
- August 8, 2025：
- New York intraday gold prices surged to $3,534.10 per ounce.
AI generated, for reference only
- PODCAST
- MOST POPULAR
Sign in with Google
Sign in with Facebook
Sign in with 财新