It's been a rough month for many S&P/ASX 200 Index (ASX: XJO) shares.
But not all!
With investors initially bracing for, and this week reacting to, sweeping global tariffs unleashed by United States President Donald Trump, the benchmark Aussie index is down 4.3% since 6 March.
But the five ASX 200 shares we'll look at below went the other way, posting one-month gains of 9% to more than 25%.
Here's why these companies are drawing investor interest even as others have come under selling pressure.
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ASX 200 shares leaping higher this past month in a falling market
The first outperforming ASX 200 share on my list is Coles Group Ltd (ASX: COL).
Four weeks ago, shares in the supermarket giant closed at $18.68. Coles shares are up 2.1% today, changing hands for $20.72. That sees the Coles share price up 10.9% in a month where the benchmark index has gone backwards.
Coles has gotten some support from its defensive nature as a consumer staples stock.
The supermarket giant also got a big boost following the release of the Australian Competition and Consumer Commission (ACCC) supermarket report.
With the ACCC making relatively modest recommendations to improve conditions for competition in the sector, fears that Coles and rival Woolworths Group Ltd (ASX: WOW) could be broken up look to have evaporated. (Woolworths shares have gained 8.2% in four weeks.)
Which brings us to these top performing ASX 200 shares.
Enter the big ASX gold stocks
A quick glance at the four ASX 200 shares below that have surged these past four weeks despite the broader market retrace reveals that all four are gold stocks.
The gold price has been racing higher since September 2023, regularly breaking into new all-time highs.
Gold has been enjoying support from the usual suspects. That includes strong levels of central bank buying; falling interest rates (gold doesn't pay any yield and tends to perform better in falling and low-rate environments); and gold's classic haven status.
It's that haven status that looks to have really boosted the yellow metal over the past months, with ongoing global conflicts and rising geopolitical uncertainty, stoked this past month by the Trump tariffs.
At the current US$3,110 per ounce, the gold price is up 6.8% in four weeks.
So, just how well have these ASX 200 gold shares performed over this time?
Well, Evolution Mining Ltd (ASX: EVN) shares closed on 6 March at $6.50 and are currently trading for $7.05. That sees the Evolution Mining share price up 8.5%, racing ahead of the 4.3% one-month losses posted by the benchmark index.
Westgold Resources Ltd (ASX: WGX) also enjoyed a strong month, with shares leaping from $2.53 four weeks ago to $2.84 in afternoon trade today. This puts the Westgold share price up 12.3% in a month.
And you won't hear investors complaining about Gold Road Resources Ltd (ASX: GOR) either. Gold Road shares have surged from $2.58 on 6 March to $3.04 today, up 17.8%.
And the best performing ASX 200 share on my list over this past turbulent month is Regis Resources Ltd (ASX: RRL).
Four weeks ago you could have bought Regis shares for $3.26 apiece. At the time of writing those shares are swapping hands for $4.08, putting the Regis share price up 25.2%.
