International News
Gold Surge Lifts Top 50 Mining Companies to $1.4 Trillion Despite Base Metal Slump
Precious Metals Drive Market Rebound as Trade Tensions and Battery Metal Weakness Persist
A powerful rally in gold prices has propelled the combined market capitalization of the world’s 50 most valuable mining companies to $1.4 trillion, offsetting sharp declines in copper and lithium stocks amid ongoing global trade tensions.
The sector added nearly $80 billion in value in early 2025, partially clawing back losses sparked by new U.S. tariffs that rattled global markets. While the rebound marks a positive turn, overall mining valuations remain approximately $400 billion below their 2022 peak.
The rankings, based on data as of April 17 to avoid early-quarter market volatility, show precious metals leading the resurgence. Gold soared to a record $3,420 an ounce, reshaping the industry’s top tier. Gold-related firms now represent one-third of the Top 50’s total value, and six new companies — the highest quarterly addition since tracking began — entered the rankings, helping Canada surpass Australia in total miner valuations for the first time.
Meanwhile, copper miners bore the brunt of commodity headwinds. A steep decline in copper prices erased $53 billion in market value, pushing out names like Lundin Mining and Poland’s KGHM. Their exits made way for gold-focused entrants such as Lundin Gold, which doubled its valuation to $10.1 billion.
South African producers Harmony Gold and Goldfields also saw gains on the back of the gold boom, while Russia’s Polyus and Norilsk Nickel maintained their standings despite facing ongoing sanctions and limited global trading access.
In contrast, lithium’s decline was stark. Once represented by six companies in the Top 50, only Chilean miner SQM remains following a price collapse that decimated market caps across the battery metals space. Rare earth companies continued to struggle, with only China Northern Rare Earth retaining a spot in the rankings.
The changing composition of the Top 50 underscores gold’s growing dominance amid persistent economic uncertainty. With Uzbekistan’s state-owned Navoi Mining preparing for a high-profile IPO, more gold miners could join the elite ranks in the months ahead.
- Around $3728 (~Rs 110,300) for gold futures and $43.23 (~Rs 129,7000) for silver, both markets were trading close to a record high ahead of the US FED’s two-day policy meeting that begins today.
- The Fed is expected to cut interest rates by 25 basis points on Wednesday, the first since December, and markets are almost certain that the easing cycle will continue into the following year. Recap: Despite the president’s dismissal, the federal appeals court permits Lisa Cook to remain as a Fed gov and take part in the FOMC meeting beginning tomorrow.
- For clues about the direction of future policy, all eyes will be on the Fed’s quarterly Summary of Economic Projections, which includes the much-awaited dot plot, and Chair Jerome Powell’s press conference. Regarding the data, reports on industrial production and retail sales that are anticipated later today will be closely examined to gain more understanding of how strong the economy is.
Technical TriggersÂ
- Gold Dec Futures has given a breakout above $3700 (~Rs 110,000), the next target would be $3800 (~Rs 113,500). If prices top out and fall below $3650 (~Rs 108,500), then only we could see further profit booking.
- Silver Nov Future prices have given a breakout above its consolidation range of $41 (~Rs 123,000) and $42 (~Rs 126,000) for the past few days and achieved the target of $43. This rally has more room for upside towards $45 (~Rs 140,000)
Support and Resistance
| Commodity | Market | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $3650/oz | $3800/oz |
| Indian | ₹108,500/10 gm | ₹113,500/10 gm | |
| Silver | International | $42.5/oz | $45/oz |
| Indian | ₹127,000/kg | ₹140,000/kg |
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