There were some telling moves among S&P/ASX 200 Index (ASX: XJO) gold shares today.
Here's what we mean.
Right up until lunchtime, ASX 200 gold shares were leading the charge higher, even as the benchmark index itself was mired in the red.
Some two and a half hours after the opening bell, the Newcrest Mining Ltd (ASX: NCM) share price was up 2.1%; Evolution Mining Ltd shares were up 3.2%; and the Northern Star Resources Ltd (ASX: NST) share price had gained 4.0% for the day.
The broader collection of ASX gold shares tracked by the S&P/ASX All Ordinaries Gold Index (ASX: XGD) was up 2.2% at this time.
As for the ASX 200? It was down 0.8% in intraday trading.
Then something happened to turn it all upside down. Or right side up, depending on your perspective.
How France's Macron deflated today's ASX 200 gold share rally
Gold, as you're likely aware, has benefited from its haven status in recent weeks as investors fear Russia may invade Ukraine.
This has seen the gold price lift to today's US$1,895 per ounce, up from US$1,791 per ounce on 28 January, according to data from Bloomberg.
And it's helped lift the fortunes of ASX 200 gold shares along the way.
When investors tuned into their screens this morning, they were greeted with more news that a Russian invasion of Ukraine was looking increasingly likely.
Hence, many shares sold off while gold stocks did well.
Then, around 11:30am AEDT, news broke that French President Emmanuel Macron had worked out a summit meeting between US President Joe Biden and Russian President Vladimir Putin. However, it's a deal that won't go ahead if Russia invades Ukraine.
While no dates have been set, the news clearly relieved jittery investors.
Here's what happened next
Since the summit announcement hit the newswires, the ASX 200 has rebounded from a loss of 0.8% to currently being up 0.3%.
The All Ords gold index went from a gain of 2.2% to a gain of 0.9%.
What about the ASX 200 gold shares named above?
The Newcrest share price gains slipped from 2.1% to 1.2%. Evolution's share price hike dropped from 3.2% to 2.3%. And the Northern Star share price gains fell from 4.0% to 1.7%.
Still, all of these ASX 200 gold shares are still in the green.
But if you were wondering just how much impact geopolitical wrangling can have on specific shares and the broader market, this makes an excellent intraday case study.
