Australian gold miners are performing strongly on the ASX 200, buoyed by a significant rise in gold prices. Bullion saw its most substantial gain in two months on Friday, spurred by growing concerns about a potential slowdown in the United States economy. Vault Minerals is currently leading the charge, with its stock price increasing by 7.5 per cent as of 3pm AEST. Bellevue Gold also experienced a notable surge, climbing 7.1 per cent, while Northern Star Resources saw a gain of 5.8 per cent.
Gold prices, while steady on Monday afternoon, remain elevated after Friday’s impressive performance. Spot gold was trading at $US3359 an ounce, a slight decrease of 0.1 per cent from the previous close, but still reflecting the substantial 2.2 per cent jump seen at the end of last week.
According to Bloomberg, the surge in gold prices can be attributed to two key factors. Firstly, a weaker-than-expected US hiring report has increased speculation about potential interest rate cuts. Secondly, the imposition of significant trade tariffs by President Donald Trump has further fuelled uncertainty and boosted demand for safe-haven assets like gold.
Vault Minerals, one of the top performing gold mining companies on the ASX, focuses on exploration and development of gold projects. Similarly, Bellevue Gold is dedicated to the exploration and development of gold resources, primarily within Australia. These companies, along with others in the sector, are benefiting from the renewed investor interest in gold amid global economic concerns.
