De Grey Mining leads gold rally as spot prices hit record highs
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More news: Gold miners made up all 10 of the best performing ASX 200 stocks in morning trade, as gold prices hit a fresh high on the back of uncertainty caused by the escalating trade war between the US and China.
De Grey Mining led the rally, with shares up 5.1% at 11:30am AEDT. Regis Resources, Evolution Mining, Northern Star Resources, Newmont Corporation, Vault Minerals and Capricorn Metals were also up more than 4% as the ASX 200 index dropped 1.9%.
Spot gold was last trading at US$3,209 an ounce, according to Bloomberg data, having climbed more than 3% in US trading hours.
Gold hits record high as US-China trade tensions mount
The news: Gold prices have hit a record high as investors move into safe haven assets amid uncertainty over US President Donald Trump’s tariff threats and an escalating trade war between the US and China.
The numbers: Benchmark gold bullion prices are trading at USD3,207.54 an ounce in Asian trading, up 1% from the previous settlement, but had already jumped more than 3% in US trading hours.
The context: Gold prices have jumped amid a broader sell-off in global equities and US Treasuries and a drop in the US dollar, triggered by concerns of a possible US recession and full-blown US-China trade war. Overnight, the US confirmed that the cumulative tariff rate on Chinese imports would actually total 145%, instead of 125% stated previously.
Gold has rallied nearly 20% so far in 2025. Its safe-haven appeal has been reinforced this week, with prices setting consecutive records on the back of tariff policy uncertainty and ongoing central bank buying.
