AngloGold, Fresnillo stay JPM favorites; Gold Fields on positive catalyst watch

J.P. Morgan remains constructive on EMEA gold miners after a 35%-45% sector pullback since the Iran-U.S. conflict began, arguing the selloff has created an attractive entry point. The bank kept AngloGold Ashanti and Fresnillo as its preferred names, while placing Gold Fields on Positive Catalyst Watch ahead of first-half 2026 results. JPM cut its 2026 and 2027 gold price forecasts, but still expects gold to rise to about $4,500/oz by year-end 2026 and remains bullish longer term. The note highlights company-specific upside from cash returns, organic growth projects, and potential dividend surprises, while also flagging operational updates, project progress, and government negotiations as key catalysts. The outlook is mixed for the sector near term, but supportive for select miners if gold prices and corporate execution improve.