These ‘golden’ ASX shares weighed on the All Ordinaries Index today

Today wasn’t a good day for ASX gold shares.

| More on:
A woman holds a gold bar in one hand and puts her other hand to her forehead with an apprehensive and concerned expression on her face after watching the Ramelius share price fall today

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • The gold sector dragged the All Ords Index lower on Monday, sliding 1.85%
  • Its constituents were likely impacted by a slight dip in gold prices. Though, the sector’s worst performer dropped its full year guidance by as much as 11%
  • As of the end of Monday’s session, the All Ordinaries Index was 0.68% lower than it was at Friday’s close

The All Ordinaries Index (ASX: XAO) struggled on Monday. It was weighed down by one of the market’s worst performing sectors, the S&P/ASX All Ordinaries Gold Index (ASX: XGD).

The gold sector faced multiple challenges today, as the price of gold softened overnight while one of its participants reported that its guidance had dropped on the back of a geotechnical incident.

As of Monday’s close, the All Ords had tumbled 0.65%. For context, the S&P/ASX 200 Index (ASX: XJO) had also slumped 0.51%.

Let’s take a look at what weighed on the index’s ‘golden children’ today.

Why did All Ordinaries gold shares drag on the market today?

The All Ords was weighed down by gold miners on Monday, with the gold sector having slid 1.85% at the session’s close.

It followed a softening of the price of gold overnight. As The Motley Fool Australia reported this morning, the metal’s price slipped 0.35% to trade at US$1836.10 an ounce prior to the ASX’s open.

And, while it has recovered slightly in today’s trade – CNBC has the commodity’s value at US$1,837.20, a 0.29% improvement – it hasn’t been enough to pull its ASX-listed producers out of the red.

The share prices of Resolute Mining Limited (ASX: RSG), DGO Gold Ltd (ASX: DGO), and Pantoro Ltd (ASX: PNR) slipped 11.2%, 5.4%, and 7.2% respectively.

However, the sector’s biggest tumble came from the Regis Resources Limited (ASX: RRL) share price.

It fell a whopping 14.29% on Monday after the company downgraded its financial year 2022 guidance.

A wall slip at the company’s Rosemont operation and other challenges resulted in the downgrade of its full year production guidance. It now expects to produce between 300,000 ounces and 340,000 ounces of gold at its Duketon operation in financial year 2022 – 40,000 fewer than previously thought.

That saw the company’s total expected production fall to between 420,000 ounces and 475,000 ounces.

However, one All Ords gold producer recorded a gain on Monday. The Tietto Minerals Ltd (ASX: TIE) share price surged 6.1% after the company announced it had struck a bonanza gold intercept at its Abujar Gold Project.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. 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 Gold

gold, gold miner, gold discovery, gold nugget, gold price,

Here’s how the Newcrest Mining share price glamoured in FY22

It was a choppy one that's for sure.

Read more »

a group of business people sit dejectedly around a table, each expressing desolation, sadness and disappointment by holding their head in their hands, casting their gazes down and looking very glum.

Losing their shine: 3 ASX 200 gold shares hitting new 52-week lows today

A falling gold price appears to have weighed on these ASX 200 shares.

Read more »

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.

Why are ASX 200 gold shares falling today?

The price of gold has descended to its lowest level in six months.

Read more »

a woman wearing a sparkly strapless dress leans on a neat stack of six gold bars as she smiles and looks to the side as though she is very happy and protective of her stash. She also has gold fingernails and gold glitter pieces affixed to her cheeks.

Here’s why the St Barbara share price shone 8% brighter today

What's going on with the gold miner on Tuesday?

Read more »


Regis Resources share price jumps 9% on record quarter

This gold share is glittering on Tuesday...

Read more »

A woman holds a gold bar in one hand and puts her other hand to her forehead with an apprehensive and concerned expression on her face after watching the Ramelius share price fall today

Why did the Northern Star share price tumble 24% in June?

We take a closer look at what drove down Northern Star shares last month.

Read more »

a man clasps his hand to his forehead as he looks down at his phone and grimaces with a pained expression on his face as he watches the Pilbara Minerals share price continue to fall

Why did the Regis Resources share price sink 35% in June?

This gold share was sold off last month...

Read more »

A woman wearing a gold top and carrying a gold bar gives the thumbs down signal as she leans against a wall with a sombre look on her face as the Kingsgate share price goes lower
Share Fallers

Why did the Evolution share price freefall 38% in June?

It's been another disappointing month for Evolution shares.

Read more »