It's a rough day on the broader market, but these ASX mining shares are performing just fine.
They've each surged to their highest point in at least 12 months on Tuesday.
That's despite the S&P/ASX 200 Index (ASX: XJO) slipping 0.12% while the All Ordinaries Index (ASX: XAO) is down 0.26% at the time of writing.
Additionally, the S&P/ASX 200 Resources Index (ASX: XJR) is in the red, having plunged 2.17%.
So, what's boosted these ASX mining shares to new 52-week highs today? Let's take a look.
These ASX mining shares hit new 52-week highs on Tuesday
Westgold Resources Ltd (ASX: WGX)
The Westgold share price is continuing its upward momentum on Tuesday, gaining 4.2% in intraday trade to reach a new 52-week high of $2.46.
The stock is likely being boosted by the rising gold price. After moving higher overnight, the price of gold is continuing to trade in the green for most of today's session so far.
The commodity's price was driven to its highest point since 2020 amid concerns of Russia's invasion of Ukraine and rising oil prices, as reported in the Wall Street Journal.
Zimplats Holdings Ltd (ASX: ZIM)
The Zimplats share price has also launched to its highest point in 12 months today.
Its intraday high – and new 52-week high – is $29.73. That represents a 5.1% gain on its previous close.
The platinum group metals producer's gains come as precious metals prices surge.
According to News24, the price of palladium – as well as platinum – has also soared amid Russia's continued assault on Ukraine.
Russia is responsible for a hefty chunk of the world's palladium production.
Red 5 Limited (ASX: RED)
Another ASX gold mining share has topped its own 12-month record today.
The Red 5 share price hit a new 52-week high of 34.5 cents, representing a 4.5% increase on its previous close.
AngloGold Ashanti CDI (ASX: AGG)
It's a similar story for stock in AngloGold Ashanti.
It hit a new 52-week high of $7.10 earlier today. That's 3.9% higher than its share price was at the end of Monday's session.
Nickel Mines Ltd (ASX: NIC)
Finally, the Nickel Mines share price launched higher in early trade before tumbling into the red.
After opening 6% higher at $1.75, the ASX mining share hit a new 52-week high of $1.79.
It has since tumbled to trade at $1.61 — that's 2.27% lower than its previous close.
Once again, commodity prices are likely behind the stock's gain.
As The Motley Fool Australia reported earlier today, nickel prices have shot up amid supply concerns sparked by the Russian invasion of Ukraine.
It's harder to explain Nickel Mines' subsequent tumble. However, it's joined in the red by fellow nickel producers IGO Ltd (ASX: IGO) and Mincor Resources NL (ASX: MCR).
