As gold prices keep hitting record highs, Jefferies analysts said shares of companies that mine the precious metal could still have room to rise.

Gold fell more than 1% on Tuesday after briefly touching a record high of $3,500 earlier in the session, as comments by U.S. Treasury Secretary Scott Bessent hinting at a thaw in U.S.-China trade tensions fueled optimism in equities and strengthened the dollar.

As investors grapple with economic turmoil and dwindling faith in the U.S. dollar, more appear to be parking their money in the precious metal. As any investor will tell you, the past month has been absolutely brutal when it comes to the markets.