Why are ASX 200 gold shares rocketing today?

Investors are turning to bullion over increasing geopolitical fears.

| More on:
a man wearing a gold shirt smiles widely as he is engulfed in a shower of gold confetti falling from the sky. representing a new gold discovery by ASX mining share OzAurum Resources

Image source: Getty Images

Key points

  • ASX 200 gold shares are topping the leader's board today
  • Investors eyeing potential Russian aggression are seeking haven assets
  • Bullion is glittering brightly

The S&P/ASX 200 Index (ASX: XJO) has managed to shrug off its earlier losses to be up 0.21% in late afternoon trading.

But ASX 200 gold shares are having a much better day. In fact, 3 of the top performing shares on the index today are gold miners with other ASX 200 gold shares not far behind.

Keeping it with the top 3, the Ramelius Resources Ltd (ASX: RMS) share price is up 6.88% at time of writing.

Meanwhile, Regis Resources Ltd (ASX: RRL) shares have gained 7.17%.

And rival ASX 200 gold share Evolution Mining Ltd (ASX: EVN) is also up 7.22%.

And remember, these companies all have market caps well north of $1 billion.

The price of gold

While many factors come into play to determine a company’s share price, ASX 200 gold miners are certainly benefiting from a rising gold price.

On 31 January, the yellow metal was trading for US$1,797 per troy ounce. Today, that same ounce is worth US$1,853, up some 3%.

Friday saw bullion post its biggest daily gain in four months as investors digested the news that a Russian invasion of Ukraine is looking increasingly likely and sought out the haven asset.

While we can only hope wiser heads prevail, US officials have been sounding the alarm bell.

On Sunday, US National security adviser Jake Sullivan told CNN:

We cannot perfectly predict the day, but we have now been saying for some time that we are in the window, and an invasion could begin, a major military action could begin by Russia in Ukraine any day now – that includes this coming week, before the end of the Olympics.

How have these 3 ASX 200 gold shares been tracking?

The ASX 200 is down 4.8% so far in 2022.

By comparison, the Evolution Mining share price is down 3.8%; the Ramelius Resources share price is down 4.4%; while the Regis Resources share price is up 3.1%.

Should you invest $1,000 in Regis Resources right now?

Before you consider Regis Resources, you'll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Regis Resources wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of January 13th 2022

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

plummeting gold share price

If gold is regarded as a ‘safe-haven’ asset, why is the Newcrest share price still tumbling?

Why hasn't gold and gold miner Newcrest been a better safe haven for ASX investors?

Read more »

An older female ASX investor holds a gangster-style fist pump pose showing off gold rings with dollar signs on them as the Newcrest share price rises and the ASX 200 gold miner pays its interim dividend today
Broker Notes

Why are brokers so bullish on the Northern Star share price?

Brokers see plenty of upside for the gold miner in 2022.

Read more »

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

What’s happening with the Northern Star share price on Tuesday?

Exploration activities have replaced the gold reserves lost to mining depletion.

Read more »

an older man wearing thick gold chains and a baseball cap on the side looks glumly at the camera.

Own Newcrest shares? Here’s how the share price performed in April

We check the performance of the gold miner's shares over the last month.

Read more »

a woman in a business suit holds a large solid gold bar in both hands with a superimposed image of a gagged gold line tracking upwards and featuring a swooping curved arrow pointing upwards.

Can the gold price surge above US$2,000 again this year?

Where to next for the gold price?

Read more »

A man wearing 70s clothing and a big gold chain around his neck looks a little bit unsure.

Why aren’t ASX gold shares performing better in these uncertain times?

Should gold be shining brighter in 2022?

Read more »

A little girl wearing a gold crown sulks and pokes her tongue out.

Firefinch share price tumbles 6% despite meeting gold production guidance

The miner forecasts a significant increase in the pace of its gold production for the second half of the year.

Read more »

an unhappy miner poses with gloved hand on face wearing a hard hat with a light and frowning.

Perseus Mining share price slips despite record quarter

Investors aren't biting today despite the gold exploration company's strong result.

Read more »