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Gold’s Floor Price Is Getting Higher, Top Producer Newmont Says

  • Support is firming at around $1,500 to $1,600, CEO Palmer says
  • CEO sees prices around the current levels in next year or two
An exhibitor holds a 1 kilogram bar of gold at the Prospectors & Developers Association of Canada conference in Toronto on June 14.

An exhibitor holds a 1 kilogram bar of gold at the Prospectors & Developers Association of Canada conference in Toronto on June 14.

Photographer: Cole Burston/Bloomberg

The head of the biggest gold producer isn’t about to join bullion bugs in predicting a price rally. But Tom Palmer does see a higher floor forming under the market as years of stimulus devolve into a fight to contain inflation.

As global markets wilt on fears of stagflation, gold has stayed relatively resilient given its haven status. Prices are set to stay around current levels of about $1,800 an ounce, or even a little higher, amid inflationary, economic and geopolitical uncertainties, said Newmont Corp.’s chief executive officer.