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Gold stocks soar as the gleaming metal gains overnight

Australia’s ASX-listed gold miners have gone for a gallop in early trading, thanks to a 0.5% increase in the spot gold price overnight.

Gold gained 0.5% to US$1,269.99 an ounce overnight, but in Australian dollar terms, that’s near on A$1,700 an ounce. With many miners reporting production expenses in the A$1,000 to A$1,100 range, that’s a lovely margin to be working with.

Company Share Price Market Cap ($m) Price change
Ramelius Resources Limited (ASX: RMS) $0.42 $219.0 11.2%
Resolute Mining Limited (ASX: RSG) $1.25 $917.5 5.5%
Silver Lake Resources Limited (ASX: SLR) $0.47 $239.3 4.4%
Northern Star Resources Ltd (ASX: NST) $4.46 $2,678.4 4.7%
Perseus Mining Limited (ASX: PRU) $0.32 $327.5 3.9%
St Barbara Ltd (ASX: SBM) $2.65 $1,320.4 4.1%
Saracen Mineral Holdings Limited (ASX: SAR) $0.91 $736.5 4.2%
Regis Resources Limited (ASX: RRL) $3.28 $1,643.3 3.5%
Beadell Resources Ltd (ASX: BDR) $0.24 $292.3 3.0%
Evolution Mining Ltd (ASX: EVN) $2.33 $3,912.5 3.8%

Source: Google Finance

Global uncertainty including tensions over Syria and North Korea means investors rush into gold as a safe haven, which has seen the metal trade as high as US$1,295 an ounce so far this year.

The uncertainty over the French election also weighed on the gold price, but markets are now expecting conservative Emmanuel Macron to win the second round which could see the gold price come under pressure.

Resolving issues with North Korea could also see the gold price under more pressure, and it seems the overwhelming direction for the gold price is down.

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Motley Fool writer/analyst Mike King doesn't own shares in any companies mentioned. You can follow Mike on Twitter @TMFKinga

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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