Gold stocks surge as US tariffs push bullion to record high
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The news: Gold producers made up six of the top 10 performing ASX 200 stocks in early afternoon trading, as the price of gold hit a new record on the back of a fresh wave of US tariffs.
The numbers: Ramelius Resources (5%) and its acquisition target Spartan Resources (4%) were leading the rally at 2pm AEDT. De Grey Mining (3.4%), Westgold Resources (3.2%), Northern Star Resources (1.9%) and Newmont Corporation (1.7%) also notched gains as the ASX 200 index fell 1%.
Spot gold hit a new record above USD3,160 an ounce after US President Donald Trump announced sweeping "reciprocal" tariffs, introducing minimum levies of 10% on exports to the US. Gold was last trading at USD3,147 an ounce, according to Bloomberg data.
The context: Bullion was one of the few commodities exempted from the tariffs, according to a White House factsheet. It triggered a surge by investors to the safe haven metal amid growing concerns for the global economy.
Gold prices have climbed 20% since the turn of the year, buoyed by uncertainty caused by Trump's aggressive tariff policies.
The source: Bloomberg
