West African Resources, Bellevue Gold lead ASX gold surge
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The news: Gold stocks led gains on the ASX in morning trade after escalating tensions in the Middle East pushed bullion to a record high.
The numbers: Gold miners West African Resources (6.9%), Bellevue Gold (5.4%), Genesis Minerals (4.3%), De Grey Mining (4%) and Emerald Resources (3.6%) made up five of the top 10 performing ASX 200 companies by 12:25pm AEDT.
Materials, up 0.98%, was the second best performing sector as as wider market gained 0.6%.
Bullion rose 0.24% to an all-time high of around USD2,728 ($4,065) an ounce, according to Bloomberg data.
The context: Gold reached a record high as tensions in the Middle East boosted demand for the asset as a haven. Bullion edged up on news that Israel is discussing its attack on Iran after a Hezbollah drone exploded near Prime Minister Benjamin Netanyahu's private home.
Meanwhile, Bellevue Gold advanced after beating average estimates for operating costs and cash flow during the first quarter.
The source: Bloomberg
