Evolution, De Grey lead latest gold rally as US tariffs buoy prices
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The news: Gold miners extended recent gains as gold rallied towards USD3,000 ($4,790) an ounce, as US President Donald Trump announced 25% tariffs on steel and aluminium imports from 4 March.
The numbers: Gold stocks made up five of the top 10 performing ASX 200 stocks by 2pm AEDT, with Evolution Mining (6.2%), De Grey Mining (5.8%), Northern Star (4.6%), Bellevue Gold (3.4%) and Newmont (3.4%) trading higher.
The materials sector added 0.2% as the ASX 200 index remained roughly flat.
Spot gold was up 0.3% to USD2,917.75, having surged 1.7% in the previous session, according to Bloomberg data.
The context: New US tariffs have stoked further uncertainty in global markets and increased demand in gold as a safe haven asset.
Investors will monitor US Federal Reserve chair Jerome Powell's testimony before Congress this week for any commentary on the future direction of interest rate cuts, with lower borrowing costs typically bolstering bullion prices.
The source: Bloomberg
