Gold prices fell back below $3,300 per ounce on Wednesday, trading flat for the month of May. Despite the dip, gold and mining equities continued to outperform broader global stock markets, ahead of the latest earnings release from leading U.S. chipmaker Nvidia.
Spot gold dipped 1.8% from last Friday’s record weekly close, slipping to $3,294 per ounce in London’s bullion market. Comex gold futures for August delivery—now the most actively traded contract—also dropped 1.8%, settling at $3,325 per ounce.
Gold Miners Outpace Broader Equities
Mining stocks, both in China and the United States, outperformed tech shares and broader indices. Shares of Agnico Eagle Mines (NYSE: AEM), the largest gold mining company in the Western world by market value, rose 0.4%. Rival Newmont Corporation (NYSE: NEM) was flat, while Barrick Mining (NYSE: B)—recently rebranded from Barrick Gold—also gained 0.4% despite political tensions in Mali. The company said it would oppose the military government’s attempt to assert control over its Loulo-Gounkoto mine, one of the world’s largest gold deposits.
Barrick’s name change and ticker update from ‘GOLD’ to ‘B’ reflect its strategy to emphasize a growing focus on copper over gold.
Tech Lags Behind as Investors Flock to Commodities
Nvidia (Nasdaq: NVDA), which saw a meteoric 14-fold stock rise over the past five years, edged 0.2% lower as U.S. markets opened. The AI chipmaker has delivered flat performance so far in 2025 and has underperformed gold and gold miners over the past year. Gold has gained 39.1% in the past 12 months, while the HUI Index of North American gold mining stocks rose 39.8%. In contrast, Nvidia’s annual gain now stands at roughly half that pace.
Chinese Gold Miners Rally Amid Bond Issuance
In China, shares of Shandong Gold Mining (SHA: 600547)—ranked 12th globally by market capitalization—rose again despite continued weakness in the broader CSI300 Index. Shandong has gained 30% year-to-date, far outperforming Zijin Mining (SHA: 601899), China’s largest listed gold miner, which is up 18.5%.
Bloomberg reported Wednesday that Shandong is preparing to raise an additional $100 million in U.S. dollar-denominated bonds, following a $300 million debt sale earlier this month.
Shanghai gold prices have climbed 24.7% in yuan terms so far in 2025, with prices holding steady around ¥768 per gram on Wednesday. This stability follows a recent rebound in the premium of Shanghai gold over London quotes.
SHFE Advances Yuan Internationalization
The Shanghai Futures Exchange (SHFE) has launched a public consultation to expand international access to 18 of its commodity derivatives contracts, including gold and silver. Proposed reforms include allowing foreign participants to post collateral in foreign currencies. These efforts align with a broader push by Chinese authorities to internationalize the yuan and deepen its role in global trade.
This initiative follows a directive issued earlier in May by China’s politburo, urging major financial institutions to promote yuan usage in cross-border finance and commodity pricing.
Broader Metals Market Mixed
Elsewhere in the metals market, silver erased earlier gains to trade down $0.40 at $33.00 per ounce. Copper prices also retreated, losing 3.7% from last weekend’s one-month highs.
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