Franklin Gold And Precious Metals Fund Q1 2025 Commentary

2025-04-30 23:20:00 ET

Summary

• Gold futures surged to $3,123 per troy ounce in 1Q25, driven by central-bank buying and safe haven demand amid geopolitical uncertainties.
• The fund's strong performance was bolstered by favorable stock selection among gold miners and outsized gains from small-cap and exploration-stage miners.
• Relative returns were pressured by underweight positions in large-cap gold producers and some off-index holdings that underperformed or sustained losses.
• Despite potential cost inflation and skills shortages, higher gold prices are expected to offset pressures, supporting earnings and free cash flow growth.

Franklin Gold And Precious Metals Fund as of March 31, 2025 Average annual total returns and fund expenses (%) ...

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