Harmony Gold Mining (HMY) surged 5.03% intraday on Tuesday, outperforming the broader precious metals sector. The rally aligns with gains in peers like Sibanye and Gold Fields, which rose 4% and 3%, respectively, during the same session.
Morgan Stanley's bullish gold price forecast of $4,800 per ounce by Q4 2026 drove investor optimism. The bank cited falling interest rates, a potential shift in Federal Reserve leadership, and increased buying by central banks and funds as key catalysts. Additionally, geopolitical tensions in Venezuela may have bolstered safe-haven demand for gold.
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