ASX gold shares experienced another strong day of trading on Thursday as the gold price reached another fresh high.
At the time of writing, the commodity is trading at US$4,232 per ounce late on Thursday afternoon.
The gold price has lifted by US$232 per ounce in just six days after breaching the US$4,000 mark for the first time ever last week.
The gold price has risen by 15% in the past month alone.
The value of the yellow metal is now up 61% in the year to date and 57% over 12 months.
On Thursday, the S&P/ASX All Ords Gold Index (ASX: XGD) lifted 3% to a new record high of 17,709.7 points, up 107% in the year to date.
The S&P/ASX All Ordinaries Index (ASX: XAO) also hit a new record today after a big jump in unemployment raised hopes of an interest rate cut.
Trading Economics analysts said the gold price rose strongly today amid growing expectations of dovish US monetary policy ahead.
The analysts said:
Fed Chair Jerome Powell's recent remarks highlighting signs of a weakening labor market prompted investors to nearly fully price in a 25 bps rate cut at this month's meeting, with another likely in December.
The outlook also weighed on the dollar, making gold more attractive to foreign buyers.
So, it appears the gold rush that began in early 2024 ain't over yet.
If you want to get in on the action, Blackwattle Investment Partners says the world's best gold miner is listed right here in Australia.
Image source: Getty Images
Which ASX gold share is the best miner in the world?
Blackwattle portfolio managers, Tim Riordan and Michael Teran, reckon Newmont Corporation CDI (ASX: NEM) is the best global miner.
In their September Mid-Cap Quality Fund update, released today, the managers noted that Newmont shares rose by 16% in September.
The ASX gold share was the largest positive contributor to their Mid-Cap Quality Fund over the month.
Riordan and Teran said Newmont was the largest, lowest-cost, and most diversified gold miner in the world.
We continue to see material upside for NEM as an 'enduring high-quality' business and view NEM as the highest quality gold miner globally.
The managers described 2025 as a transition year for Newmont, with lower production levels amid increased investment in the legacy Newcrest portfolio. The company is also completing asset sales to raise the quality of its portfolio to high grade.
Beyond 2025, the managers see a bright future for Newmont.
… beyond 2025 we expect NEM to execute on numerous multiyear internal levers to maintain and improve the business quality including organic production expansion, operating cost reductions, material debt reduction & further capital returns.
This should allow NEM to deliver a higher quality, lower cost, diversified asset base in 2026-2027.
Riordan and Teran echoed analysis by Goldman Sachs that central bank purchases are pushing the gold price higher, with more to come.
The managers said:
In September gold prices rallied 11%, buoyed by the US Federal Reserve's rate cut and more dovish tilt.
This cyclical bounce is on top of the structural demand from Central Banks as they attempt to diversify their reserves away from US treasuries, which has seen gold prices more than double from the Russia-Ukraine War in 2022.
Last week, Goldman Sachs raised its short-term forecast for the gold price to US$4,900 per ounce by December 2026.
Newmont share price snapshot
The Newmont Corporation share price lifted 3.4% on Thursday to close at $145.77.
The ASX gold share hit a new all-time record of $146.66 per share in earlier trading.
Newmont shares are up 143% in the year to date and up 76% over the past 12 months.
