S&P/ASX 200 Index (ASX: XJO) gold stocks, including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) shares, are shooting the lights out today.
In morning trade on Tuesday, Northern Star shares are up 4.4% to $30.57 each. Evolution Mining shares are close behind, up 4% today at $16.20 apiece.
For some context, the ASX 200 is up 0.2% at this same time while the S&P/ASX All Ordinaries Gold Index (ASX: XGD) – which also contains some smaller gold miners outside of the ASX 200 – is up 2.5%.
Here's how these other top ASX 200 gold stocks are performing on Tuesday:
- Newmont Corp (ASX: NEM) shares are up 0.7%
- Ramelius Resources Ltd(ASX: RMS) shares are up 3.7%
- Bellevue Gold Ltd (ASX: BGL) shares are up 0.8%
- Genesis Minerals Ltd (ASX: GMD) shares are up 1.3%
- Perseus Mining Ltd (ASX: PRU) shares are up 1.2%
- Vault Minerals Ltd (ASX: VAU) shares are up 2.6%
- Westgold Resources Ltd (ASX: WGX) shares are up 2.7%
- Ora Banda Mining Ltd (ASX: OBM) shares are up 1.3%
Here's what's catching ASX investor interest today.
Image source: Getty Images
Why are ASX 200 gold stocks smashing the benchmark today?
Investors are piling into Aussie gold miners like Evolution Mining and Northern Star shares today amid renewed concerns over US President Donald Trump's global tariff plans.
With the US Supreme Court striking down Trump's earlier nation-by-nation tariffs as exceeding his authority, Trump now aims to level a potential 15% tariff on every nation for up to 150 days.
That's played into gold's haven status, with the yellow metal jumping early this morning to US$5,248 per ounce. At the time of writing, gold is fetching US$5,481 per ounce. This sees the gold price up 12.5% from the recent lows on 2 February and up a blistering 80% since this time last year.
And, as you'd expect, with higher gold prices, ASX 200 gold stocks tend to deliver juicier profits, which is driving investor interest in Aussie miners today.
What the experts are saying about the gold price
Commenting on the resurgent gold price that's sending Northern Star and Evolution Mining shares soaring today, Bloomberg markets strategist Mark Cranfield said:
Gold's strength amid a lower positioning from hedge funds shows that there's further position upside. The Commodity Futures Trading Commission data shows that the net-long position for gold futures have fallen to the lowest level in nearly a year.
Vasu Menon, strategist at Oversea-Chinese Banking Corp, also has a bullish medium-term outlook for the gold price. But he cautioned about short-term volatility, which could also see some price swings in ASX 200 gold stocks.
According to Menon:
There are enough structural factors in favour of gold in the medium term. In the short term, however, expect gold prices to be volatile after the sharp gains in recent months given still-unfolding developments with US trade policy, and the situation in Iran.
