By Adam Clark

Gold has lost its shine recently but the end of the U.S.-Iran conflict could clear the way for the precious metal's comeback. Newmont and several of its miner peers are set to benefit according to analysts at Barclays.

Gold futures were trading at around $4,364 an ounce early on Tuesday. That's well off highs of more than $5,300 reached in February before the outbreak of the Iran war. But with a peace deal set to be signed Friday, there could be room for a rebound.

"With risk/reward now improved, gold could turn more constructive again if geopolitical risks recalibrate, particularly in a scenario where lower energy prices ease inflation and rate pressures," wrote Barclays analyst Lefteris Farmakis and colleagues in a research note on Monday. "For equities, that points less to a broad defensive stance and more to a selective opportunity set, with renewed gold upside most clearly supportive for miners."

The Barclays team back Newmont as one of the key stocks set to win from a gold rally, alongside Agnico Eagle Mines in the U.S. Farther afield they like London-listed Endeavour Mining and Hochschild Mining, as well as Sweden's Boliden. The analysts have Overweight ratings on all the stocks.

"Our preference for Newmont is based on our view that 2026 will be a trough year for production, with Newmont's strong track record of performance driving strong free cash flow generation which it is returning to shareholders through its $6 billion structured share buyback program," the Barclays analysts wrote.

"We are also Overweight-rated on Agnico Eagle, given our view of the company as a best-in-class, low-cost gold miner with over 85% of production coming from geopolitically safe jurisdictions and a history of accretive growth through acquisitions."

Barron's also recently wrote on the attractions of gold stocks, although we picked out AngloGold Ashanti, Kinross Gold and Equinox Gold as names to consider, based on their recent outperformance against gold mining exchange-traded funds.

Write to Adam Clark at adam.clark@barrons.com

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June 16, 2026 08:50 ET (12:50 GMT)

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