Hochschild reported a 40% jump in its average gold price to $4,471/oz in Q1, lifting its shares 2% to 672p. The rise reflects the broader rally in precious metals as gold hovers near $4,800. Industry backdrop Gold spot prices have surged, peaking at $5,279.56 in February before settling at $4,766.79 at the start of London trade. Silver prices climbed to $89.8/oz from $33.2/oz a year earlier, while copper matched gold's 40% advance. The rally has lifted FTSE 100 miners, with Fresnillo up 2% to 3,662p and Rio Tinto rising 1.7% to 7,417p. Key data In Q1, Hochschild 's average gold price rose from $2,708/oz last year to $4,471/oz, a 40% increase. Silver averaged $89.8/oz, up from $33.2/oz. The company's shares closed at 672p, a 2% gain. JP Morgan forecasts gold to average $5,055/oz by Q4 2026 and $5,400/oz by end-2027. Gregory Shearer cited 585 tonnes of quarterly investor and central bank demand, split into 190 tonnes from central banks, 330 tonnes in bar and coin, and 275 tonnes from ETFs and futures. Gold traded at $4,781/ounce on Wednesday, while silver was at $78.30/ounce. Analyst insights Eduardo Landin, chief executive, called the quarter a "solid start" and said the firm was on track to meet full-year production and cost guidance. Gregory Shearer noted that the forecast was based on steady demand from investors and central banks. David Morrison, senior market analyst at Trade Nation, said gold had recovered impressively but was showing signs of losing upside momentum, with the US dollar's strength weighing on the metal. Outlook Gold is likely to remain a safe-haven asset, supported by regular demand from central banks and ETFs, though a stronger dollar could temper price gains. Mining companies stand to benefit from sustained higher prices, but will need to manage cost pressures and market volatility.