JPMorgan's forecast for gold price to hit $6,000 raises interest in Alaska's Estelle project

Gold prices have been soaring in recent years, breaking record after record. Currently, the yellow metal's price is about $3,250 per ounce. However, according to JPMorgan experts, this mark is not the limit. The asset has a potential to rise to the $6,000 level by the end of the current US President Donald Trump's term, the bank reported. Such a bullish outlook draws investors' attention to gold miners.

One of the promising projects is Estelle, owned by Nova Minerals and located in Alaska. Its reserves are estimated at nearly 10 million ounces of the precious metal. This puts Estelle among the world's largest undeveloped gold projects.

A scoping study organized by Nova in 2023 showed a net present value of $654 million. However, since then, gold prices have almost doubled. Estelle's value has also risen accordingly.

JPMorgan attributes the rise in the yellow metal's price to its role as a safe-haven asset amid increased global trade, economic, and geopolitical tensions.