Gold stocks surge on record global prices
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The news: Gold miners were among the best performing on the ASX today as gold prices hit a record high.
The numbers: West African Resources was up 5.02% to $1.57, Ramelius Resources gained 4.6% to $2.05, Bellevue Gold was up 3.08% to $1.92, and Northern Star resources was up 4.44% to $14.58 by 12:11pm AEST.
Spot bullion climbed as high as USD2,469.66 ($3,666.36) on Tuesday, and has surged nearly 20% in 2024.
The context: Gold bullion prices climbed sharply and have hit a record high due to expectations that the US Federal Reserve will cut interest rates, as well as bets on a Donald Trump presidential win, Bloomberg reported.
The news comes at the right time for big Australian gold miners, with West African, Bellevue, and Northern Star all experiencing downturns in the market within the last month. The rally means Bellevue has begun to recover from a major crash over the last two days that made it the worst performer on the ASX.
The source: Bloomberg
