The Northern Star Resources Ltd (ASX: NST) share price is up 2.88% in afternoon trade.
Shares in the S&P/ASX 200 Index (ASX: XJO) gold stock closed yesterday trading for $13.55. Shares are currently changing hands for $13.94 apiece.
This comes despite a 0.16% intraday decline in the ASX 200, with some stocks feeling the pinch following the latest interest rate hike from the US Fed.
The Northern Star share price, however, looks to be getting a boost on two fronts today.
First, the gold price is on a tear.
On Monday, bullion was trading for US$1,982.56, according to data from Bloomberg.
After another overnight boost, today that same ounce is trading for US$2,042.15, a gain of more than 3%.
And the Northern Star isn't the only gold stock rising alongside the yellow metal.
The S&P/ASX All Ordinaries Gold Index (ASX: XGD) is up 2.1% today.
Image source: Getty Images
What else are ASX 200 investors considering?
The second tailwind for the Northern Star share price today looks to be related to the miner's Annual Mineral Resource and Ore Reserve update for the 12 months ending 31 March.
The company's gold mines are located in Western Australia and the US state of Alaska.
Likely piquing investor interest, the ASX 200 gold stock reported a 3.5 million ounce increase in its mineral resource to 57.4 million ounces.
The miner said this growth underscores the value of the investments in its sustained exploration program.
The increased mineral resource offset mine depletion and divestments over the year, leaving the total ore reserve stable at 20.2 million ounces.
Northern Star said it had also slightly increased its "conservative long-term gold price assumptions" to reflect increased costs across the sector.
Commenting on the results helping drive the Northern Star share price higher today, managing director Stuart Tonkin said:
Northern Star's three production centres – Kalgoorlie, Yandal and Pogo – come with incredible and genuine world-class mineral endowments that provide us with the confidence to plan organic and profitable growth of the company's production footprint.
Tonkin highlighted the Kalgoorlie district, where he said the Hercules discovery provides "a good example of this type of new find that will provide us with additional growth options".
Northern Star share price snapshot
The Northern Star share price has been a strong outperformer over the past 12 months, up 48%. So far in 2023, the ASX 200 gold stock has gained 26%.
