Par Ambrose O’Callaghan
Gold stands as one of the oldest and most dependable stores of value. Because of this, many investors continue to turn to the yellow metal as a suitable hedge against inflation or a volatile market. In this piece, we will examine the bullish case for gold as it continues to trade near its all-time highs at the beginning of 2025. Also, we’ll look at how Harvest ETFs provides investors the opportunity to access the biggest names in the gold mining space.
Why gold surged in 2024 – And where it could go in 2025
The spot price of gold was trading at US$2,792.65 per ounce in mid-afternoon trading on Thursday, January 30, 2025. Gold has sustained the momentum it built in late December, and looks poised to challenge the highs it reached in the fall of 2024.
Back in October 2024, Goldman Sachs unveiled a research note in which it predicted that gold would climb higher than expected as central banks moved to ramp up asset purchases in the midst of their monetary easing. The report stated that gold typically trades closely in line with interest rates, and has shown more value when rates fall. That relationship has held, but central bank purchases have also been a decisive factor. Analyst Lina Thomas predicted that gold would rise to US$3,000 per ounce by the end of 2025.
However, in January 2025, Goldman analysts Lina Thomas and Daan Struyven revised that target price. They lowered it from $3,000 per ounce to $2,910 per ounce. Both predicted that gold would hit the US$3,000 target by mid-2026. This was due to the lower-than-expected rate cuts projected by the Federal Reserve going forward.
The heightened odds of falling rates, albeit at a more gradual pace, is a bullish indicator for the yellow metal going forward. Further gold has benefited from the geopolitical uncertainty that prevails. On the demand side, we saw countries like India, China, and Russia make pivots toward gold in 2024. For investors, any pullback in the price of gold will likely be viewed as a solid buying opportunity.
How geopolitical uncertainty could boost gold
Gold has been traded as a currency for thousands of years. This has strengthened its historical position as a safe haven during periods of uncertainty. Fiat currency, on the other hand, can see its value drop due to inflation. Meanwhile, gold is more likely to retain its worth over an extended period of time as it is a scarce resource that is also has practical use.
The yellow metal has thrived during previous periods of instability. In early 2008, gold passed USD$1,000 per ounce for the first time in its history. Gold rose above USD$2,000 per ounce in 2022 in the midst of ongoing Russia-Ukraine tensions. It has climbed higher in 2024 and 2025, bolstered by strong demand and softening monetary policy from the world’s central banks.
Trade policy uncertainty has spurred volatility in global markets. Gold could be a big beneficiary in this environment going forward.
How the Harvest Global Gold Giants Index ETF stands out
The Harvest Global Gold Giants Index ETF (HGGG:TSX) is designed to give investors gold exposure through profitable large-scale gold miners. This is meant to minimize the impact of fluctuating gold prices for the portfolio, particularly on the downside.
Rendement annualisé
Au 31/08/2026
| Symbole | 1M | 3M | 6M | YTD | 1Y | 2Y | 3Y | 4Y | 5Y | 6 ans | 7Y | SI |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HGGG | 32.32 | 11.81 | (14.02) | 14.90 | 67.81 | 76.67 | 58.21 | 50.89 | 30.85 | 18.64 | 22.32 | 24.54 |
Source: Harvest Portfolios Group, Inc. February 2025.
The portfolio includes top gold miners like Newmont Corporation, Kinross Gold, Agnico Eagle Mines, and B2Gold. Gold miners have been huge beneficiaries of the surge in the metal’s spot price.
As we move forward gold remained poised to benefit from shifting policy on interest rates and geopolitical uncertainty. As these play out, investors wishing to reap these benefits can look to the Harvest Global Gold Giants Index ETF. It provides a longstanding source of defensiveness and ballast that can fit their portfolios.
Clause de non-responsabilité
Commissions, management fees and expenses all may be associated with investing in Harvest Exchange Traded Funds (managed by Harvest Portfolios Group Inc.). Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns (except for figures of one year or less, which are simple total returns) including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. The funds are not guaranteed, their values change frequently, and past performance may not be repeated. The content of this article is to inform and educate and therefore should not be taken as investment, tax, or financial advice. Tax investment and all other decisions should be made with guidance from a qualified professional.
