Traders are also closely monitoring potential new US import tariffs on copper.
Ivanhoe Mines sank nearly 9% in the morning session on the news.
The $1.73 billion worth of nickel contained in EVs sold this year for the first time exceeds battery lithium amounts, despite faster global adoption of nickel-free power packs.
Another potential driver of gold is the uncertainty surrounding global trade.
For gold to remain above $3,500, “you need continued investment and central bank demand," says Bank of America's global commodities head Francisco Blanch.
Based on a severe “tail-risk” scenario of a rare but extreme event, Liechtenstein-based gold fund Incrementum AG outlined in its new report.
The new bond placement, says NMMC, was supported by favorable capital market conditions.
Gold prices dropped back below $3,200 on Friday, erasing most of its gains from the previous session.
Adding to gold's case is the rising geopolitical instability involving the world's biggest powers.
Over 20,000 tonnes of lithium concentrate from the Bougouni mine in Mali are ready for delivery, but export is stalled due to permit issues.