Canada’s biggest gold producers are set to release their fourth-quarter financial results this week. Barrick Mining is kicking things off before the markets open on Thursday.
After a sharp sell-off in precious metals over recent sessions, gold futures regained some ground on Feb. 3.
The pullback came after an extraordinary advance for gold in 2025 that extended into January. Bullion reached a record peak above US$5,608 per ounce on Jan. 29.
Record numbers in 2025
Gold prices surged 60% year-to-date in December 2025. Gold equities jumped 139% as central banks and investors were beckoned by its status as a non-sovereign asset and portfolio hedge.
RBC predicted that growth would continue to gain momentum in 2026. It forecasted that prices will average $4,600 per ounce and extend to $5,100 per ounce in 2027.
Hills and valleys
RBC Capital Markets analyst Josh Wolfson noted in a Tuesday client memo that gold is now in a corrective phase following its outsized gains.
“Gold has entered a correction period and recent anomalous gains support a larger-than-average correction,” he wrote.
Wolfson added that the recent 14% retreat from the metal’s highs exceeds the typical correction seen in past bull markets.
“Currently, gold’s recent correction of 14% from recent highs already registers greater than the median 8% correction witnessed over the last 50 years in bull market cycles.”
Enduring optimism and promise
Despite the recent volatility, optimism endures on Wall Street.
On Monday, JPMorgan projected that gold could climb to US$6,300 per ounce by the close of 2026. Goldman Sachs has set its year-end forecast at US$5,400, while RBC Capital Markets is looking toward US$5,100 by 2027.
For the fourth quarter, Wolfson said that the average price of gold was US$4,152.
He also anticipates that Canada’s senior miners will report improved free cash flow and wider margins compared with the prior quarter, even in the face of higher costs.
Silver linings
With gold prices seeing recent swings, investor focus will likely centre on executive guidance during upcoming conference calls.
“We expect mixed [year-end] updates by gold producers,” Wolfson wrote.
“Fourth-quarter financials will set new records; however, forward-looking updates are the primary focus, where we forecast guided costs and capital represent a headwind. We see gold equities as presenting good value and not reflecting recent elevated spot gains, but near-term trading is still subject to gold-price corrections.”
Barrick is due to report financial findings this Thursday, Agnico Eagle Mines are scheduled for Feb. 12, followed by Kinross Gold Feb. 18.
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