The BHP Group Ltd (ASX: BHP) share price is lifting today, but three ASX 200 mining shares are rising even higher.
The Evolution Mining Ltd (ASX: EVN), Northern Star Resources Ltd (ASX: NST), and Newcrest Mining Ltd (ASX: NCM) share prices are all in the green today.
Let's take a look at why these ASX 200 mining shares are doing so well today.
Gold prices rise
Evolution shares are surging 4.76% today, while Northern Star shares are up 6.42%. Meanwhile, Newcrest shares are lifting 5.65%. BHP shares are climbing 2.98% at the time of writing.
Evolution, Northern Star and Newcrest are all major gold producers. BHP is a global mining giant producing multiple commodities, including copper, iron ore, nickel, coal, potash, gold, uranium and silver.
The gold price leapt 2% in global markets overnight after the US dollar retreated slightly. US gold futures climbed 2.1% to US$1,670.
High Ridge Futures metals director David Meger, quoted by Reuters, highlighted gold had moved away from previous lows amid a pullback in the dollar and yields. He added:
The factors in regards to Russia and the discussion of annexation… that probably gave a bid to the (gold) market from a safe-haven perspective.
However, iron ore futures dropped 1% overnight amid concerns about Chinese economic growth.
Macquarie analysts have recently lifted the price target on BHP shares to $44. This is a nearly 15% upside on the current share price. Macquarie has increased earning estimates for the mining company by 5% per year through to FY 2026 to reflect higher coal prices.
Share price snapshot
The BHP share price has soared 18% in the past year. In contrast, Northern Star shares have shed 10%, Evolution shares have lost nearly 43% and Newcrest shares have dropped 26%.
The S&P/ASX 200 Materials Index (ASX: XMJ) has climbed 5% in a year.
