ASX 200 shares cashing in on the rising gold price this week

These ASX gold miners have had a great week, with the price of the yellow metal climbing.

| More on:
Rising gold asx gold shares share price buy represented by multiple hands grabbing at gold bullion

Image source: Getty Images

This week, the price of gold hit its highest point since January, sending some S&P/ASX 200 Index (ASX: XJO) gold mining shares soaring.

At the time of writing, the price of gold is US$1,875.84 per ounce. That’s slightly less than its intra-week high of US$1,888.98, which it hit late Wednesday night.

According to Bloomberg, US investors are turning to precious metals amid worries over inflation.

Shareholders in ASX 200 gold mining companies might be hoping these inflation concerns persist if they continue to drive up the price of the yellow metal.

Despite the commodity’s price gaining a small but respectable 2.2% this week, some ASX 200 gold shares have had a bumper week, as a result.

So, which ASX 200 shares have been sparkling from the surging gold price? Let’s take a look.

ASX 200 gold shares making gains this week

De Grey Mining Limited (ASX: DEG)

Despite being in the red today, the De Grey Mining share price has gained a whopping 18.7% since this time last week.

At Friday’s close, the company’s shares were swapping hands for $1.55.

De Grey had a rough end to last week for no apparent reason. Its shares fell 9.44% last Friday despite no news from the company. Thankfully for shareholders, DeGrey shares have well and truly bounced back this week.

Northern Star Resources Ltd (ASX: NST)

Over the course of this week, the Northern Star Resources share price has gained 6.74%. This includes a small gain of 0.27% today.

As of Friday afternoon, Northern Star shares were trading at $11.24, which still leaves them down by more than 20% over the last 12 months.

Evolution Mining Ltd (ASX: EVN)

Despite falling today, the Evolution Mining share price has ended the week well.

By Friday’s close, the company’s shares were trading 5.76% higher than at the end of last week, fetching $5.14 apiece.

In news this week, Evolution completed its acquisition of Canadian gold miner Battle North Gold Corp (TSE: BNAU). Battle North owns 5 gold and silver mines in New South Wales, Queensland, and Western Australia.

Chalice Mining Ltd (ASX: CHN)

Finally, trailing the pack was Chalice Mining, with a share price gain of 2.1% over the course of this week.

At today’s market close, Chalice shares were trading at $7.77 each.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Resources Shares