S&P/ASX 200 Index (ASX: XJO) gold stocks are racing higher today.
Again.
As you likely know, it's been a banner year for most gold miners and the investors who own them.
That's largely thanks to the seemingly unstoppable (it's not!) rise of the gold price.
This morning, the yellow metal once again broke into new record high territory, trading just north of US$3,749 per ounce. (At the time of writing, it's trading for US$3,748.45 per ounce.)
This sees the gold price up a remarkable 42.6% since this time last year.
Image source: Getty Images
How are ASX 200 gold stocks moving?
As for the banner year that ASX 200 gold stocks and their investors have been enjoying, here's how some of the top Aussie gold miners are tracking today and over the past 12 months:
- Northern Star Resources Ltd (ASX: NST) shares are up 2.4% today and up 42.2% for the year.
- Newmont Corp (ASX: NEM) shares are up 2.4% today and up 59.4% for the year.
- Ramelius Resources Ltd (ASX: RMS) shares are up 3.8% today and up 73.4% for the year.
- Gold Road Resources Ltd (ASX: GOR) shares are up 1.1% today and up 108.7% for the year.
- Evolution Mining Ltd (ASX: EVN) shares are up 2.5% today and up 135.1% for the year.
- Bellevue Gold Ltd (ASX: BGL) shares are up 2.8% today and down 12.1% for the year.
- Perseus Mining Ltd (ASX: PRU) shares are up 3.3% today and up 84.0% for the year.
- Vault Minerals Ltd (ASX: VAU) shares are down 4.1% today and up 91.2% for the year.
- Genesis Minerals Ltd (ASX: GMD) shares are up 1.6% today and up 177.3% for the year.
For some context, the ASX 200 is up 0.2% today and up 8.2% in a year.
And this strong outperformance doesn't include the dividends many of the ASX 200 gold stocks paid out over the full year.
What's driving the gold price to new record highs?
The surging gold price, throwing up tailwinds for ASX 200 gold stocks, is being driven by many of the usual suspects.
Namely, strong ongoing central bank demand, significant geopolitical uncertainty driving safe haven demand, and falling interest rates in some of the world's top economies. Gold, which pays no yield itself, tends to perform better in low or falling rate environments.
Commenting on the record-setting gold price run, Jim Wyckoff, senior analyst at Kitco Metals, said (quoted by Reuters), "There's a continued flow of safe haven demand amid geopolitical matters that are still kind of wobbly, including the Russia-Ukraine war".
He noted that the gold price, and by connection ASX 200 gold stocks, are also getting support from "last week's Fed interest rate cut and probably more Fed rate cuts coming by the end of the year".
