ASX gold miners lift on record bullion price

The news: ASX-listed gold miners are among the top performers in early trading after prices of the safe-haven asset surged to a record high amid uncertainty in financial markets.

The numbers: Overnight, spot gold prices rose nearly 2% to USD2,989.18, before paring gains slightly. That helped ASX-listed shares of top miner Newmont lift 4.4% to $72.52, while local rivals including Evolution Mining, Regis Resources, Westgold Resources and Northern Star Resources were up between 3% and 6%.

The context: Gold prices came within touching distance of the key USD3,000 per ounce milestone overnight, as demand for the safe-haven asset was fuelled by growing uncertainty over tariffs and expectations of monetary policy easing by the US Federal Reserve.

That followed US President Donald Trump escalating his multi-front trade war, threatening to impose a 200% tariff on European wine and spirits imports. The move came after the European Union responded to blanket US tariffs on steel and aluminium by slapping a 50% tax on American whiskey exports.