The S&P/ASX 200 Index (ASX: XJO) is just about flat in afternoon trade today, but that's not holding back these three leading ASX 200 gold shares.
All three Aussie gold miners are in the green today and are notching fresh 52-week plus highs.
The ASX 200 gold shares in question are Northern Star Resources Ltd (ASX: NST), Newmont Corp (ASX: NEM) and Evolution Mining Ltd (ASX: EVN).
In afternoon trade on Wednesday, the Northern Star share price is up 1.3% at $16.22. That sees Northern Star shares up 49% over 12 months and trading at their highest level since November 2020.
Newmont shares are also having a strong day, up 1.7% and trading for $80.75 apiece. Newmont listed on the ASX on 27 October 2023 after the American-based gold miner acquired ASX 200 gold share Newcrest Mining in April that year. Newmont shares are now trading at their highest level since commencing trading on the ASX, up 35% since 27 October.
And Evolution shares are leading the pack here, up 3.6% at $4.60 each. The Evolution share price is now up 30% over the past 12 months and at its highest level since April 2022.
What's boosting the ASX 200 gold shares to new highs?
While every miner faces its own company-specific headwinds and tailwinds, the soaring gold price has boosted all three ASX 200 gold shares this past year.
One year ago today, the yellow metal was trading for US$1,915 per ounce. At the time, traders were speculating that it could top US$2,000 per ounce in the months ahead.
Which indeed it did!
According to Bloomberg data, gold is trading at new record highs of US$2,670.27 per ounce at the time of writing. That's up a remarkable 39% in 12 months.
The gold price and ASX 200 gold shares like Evolution, Newmont, and Northern Star are continuing to garner support on two fronts.
First, we have last week's jumbo-sized 0.50% interest rate cut from the US Federal Reserve. Gold, which pays no yield itself, tends to perform better in a low and falling interest rate environment.
Bullion is also priced in US dollars, and the greenback has lost ground against the Aussie dollar since the Fed rate cut.
The second factor driving the gold price to new records and these three ASX 200 gold shares to one-year-plus highs is bullion's classic haven status.
With the growing conflict in the Middle East potentially expanding into a broader regional war, gold's allure is shining bright.
