Gold (GCQ24) prices have rallied recently, driven by elevated geopolitical turmoil and uncertainty surrounding rate cuts this year. Additionally, the massive gold demand from central banks worldwidehas further intensified upward pressure on gold prices.
With investors flocking to gold as a potential safe haven, Goldman Sachs (GS) analysts predict the precious metal’s price to rise by another 14%, reaching $2,700 per ounce by the end of 2024. Considering the bullish market conditions, it might be an opportune time to load up on shares of gold mining stock Eldorado Gold Corporation (EGO).
The stock has demonstrated strong performance over the past year, outpacing the broader market, and is currently trading slightly below its 52-week high of $16.69, achieved last month. Moreover, RBC Capital Market believes Eldorado Gold is perfectly poised to ride the wave of surging gold prices and outshine its competitors.
AboutEldorado Gold Stock
Founded in 1996 and headquartered in Vancouver, Canada, Eldorado Gold Corporation (EGO) is a mid-tier resource extraction company specializing in the mining, developing, and extracting of gold and base metals. Valued at a market cap of $3.3 billion, the company operates four gold mines and a robust pipeline of development projects.
Shares of this gold mining company have rallied 61.8% over the past 52 weeks, overshadowing the broader S&P 500 Index’s ($SPX)gain of 22.9% during the same time frame.