It's been yet another rough day for the S&P/ASX 200 Index (ASX: XJO) so far this Thursday. At the time of writing, the ASX 200 has lost a chunky 1.47%, dragging the Index below 6,970 points. But let's talk about the extraordinary outlier to this misery known as the De Grey Mining Limited (ASX: DEG) share price.
De Grey shares are on fire today. This ASX 200 gold miner is currently bucking the market with its gain of 0.35% so far today.
That puts the company up to $1.42 a share. It was even better for De Grey shares earlier this morning too, with the gold stock rising as high as $1.46 a share just before midday today. That was a gain worth almost 2% at the time:
So what's going so right for this ASX 200 gold miner this Thursday?
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Why is the De Grey Mining share price destroying the ASX 200 today?
Well, this isn't a hard one to figure out. De Grey is not the only gold share showing some green this session. Most of De Grey's peers in the ASX 200 gold space are seeing similar, if not larger, gains. Take the ASX 200's largest gold miner, Newcrest Mining Ltd (ASX: NCM). Newcrest shares are currently up by 1.14%
Northern Star Resources Ltd (ASX: NST) isn't quite as strong, but it's still put on a healthy 0.54%. Gold Road Resources Ltd (ASX: GOR) has risen by 1.78% so far, while Ramelius Resources Ltd (ASX: RMS) shares have been bumped up by 0.62%.
All of these gains point to one thing: a rising gold price.
ASX gold miners like De Grey are only as valuable as the precious metal they mine. And gold itself has been on a tear this week. Likely due to the fear and loathing in the markets right now, gold is fulfilling its old reputation as a safe haven.
As we covered this morning in our piece covering gold exchange-traded funds (ETFs), the precious metal has risen from US$1,867 an ounce to more than US$4,920 an ounce over the past week alone.
So given these rises in gold itself, it's no wonder investors are flocking to ASX 200 gold shares like De Grey today.
