Gold miners stock pullback offers investors an entry - analyst

JPMorgan has called the 35%-45% pullback in EMEA gold miners a compelling entry point, keeping AngloGold Ashanti (ASX:AGG) and Fresnillo as its top picks and placing Gold Fields on Positive Catalyst Watch. The sector is pricing in long-term gold at roughly $3,200-$3,800 an ounce, around 20% below JPMorgan’s revised end-2026 target of $4,500. The bank cut its own 2026 and 2027 gold forecasts to about $4,400 and $4,300 an ounce, citing weaker ETF flows, slower central-bank buying and subdued Asian demand, though it remains bullish longer term. Gold Fields could recover recent underperformance if talks with Ghana’s government progress or its Windfall project delivers positive news. JPMorgan also sees scope for Endeavour Mining to pay a dividend above $1 per share, 23% ahead of consensus.