West African Resources leads gold stocks rally as bullion prices extend gains
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The news: Gold producers advanced on the ASX as global trade tensions and economic uncertainty continued to push spot prices for the metal higher.
The numbers: Gold stocks made up four of the top 10 performing ASX 200 companies at 2pm AEDT.
West African Resources (11.1%), Bellevue Gold (5.7%) and Vault Minerals (3.6%) were three of the best five performers, with Westgold Resources (2.7%) also gaining.
Materials, down 0.2%, was one of the better performing sectors as the ASX 200 index fell 0.7%
The context: West African led the rally after reporting a 49% jump in full-year profit and forecasting a significant jump in output in 2025. Other gold stocks tracked a rise in spot gold, which increased 0.2% to USD2,924.77 ($4,610.29) an ounce, according to Bloomberg data.
The rise in gold stocks in recent weeks has followed price rises stemming from new tariff announcements by US President Donald Trump, which have pushed investors toward the safe haven asset.
