The gold price just notched a fresh all-time high.
At least, it's done so in Aussie dollar terms.
In afternoon trade on Friday, the yellow metal is fetching US$1,979.11 per ounce, according to data from Bloomberg.
That's still some US$55 per ounce shy of hitting new record highs in US dollars.
But with the Aussie dollar having sunk to 63.02 cents relative to the greenback, the gold price has now reached a new all-time high of AU$3,140.45 per ounce.
As you'd expect, that's ushered in some welcome tailwinds for ASX gold stocks.
While the S&P/ASX 200 Index (ASX: XJO) is down 2.2% since last Friday's close, the Northern Star Resources Ltd (ASX: NST) share price is up 10.6%. And the Evolution Mining Ltd (ASX: EVN) share price has gained 7.7% over this same time.
Both gold miners are predominantly focused in Australia. Meaning most of their costs are incurred in Aussie dollars, while the gold they sell is priced in US dollars.
But with the gold price already at record Aussie dollar highs, is it too late to buy these ASX 200 gold stocks?
Record Aussie dollar gold price lifts leading ASX 200 gold stocks
The share price gains of the past week have followed a strong year for both of these ASX 200 gold stocks.
Over the past 12 months, the Northern Star share price has gained 55%. Evolution shares have performed even better, gaining a whopping 100%.
While much of that success should go to the mining teams, management and their quality assets, both stocks have also enjoyed strong tailwinds from a rising gold price.
A year ago the yellow metal was trading for US$1,629.44 per ounce. With the Aussie dollar trading for 62.73 cents on the US dollar at the time, that equates to AU$2,597.54 per ounce.
Now, obviously the future gold price remains unknown.
But with global conflict on the rise and economic uncertainty driving strong central bank bullion purchases, I believe gold's safe haven asset could well see it break back above US$2,000 per ounce and beyond in the months ahead.
That would be good news for Northern Star, which reported all-in sustaining costs (AISC) of AU$1,939 per ounce over the September quarter.
And Evolution's AISC came in even lower over the quarter, at AU$1,612 per ounce.
Even at the current gold price of AU$3,140.45 per ounce, these figures bode well for the profit margins and share price outlook of these ASX 200 gold stocks.
Not to mention their dividend payouts.
Evolution currently trades at a fully franked trailing yield of 1.1%.
Northern Star shares trade at a partly franked trailing yield of 2.2%.
Should the gold price run higher, or the Aussie dollar slide further relative to the greenback, both ASX 200 gold stocks should see their profit margins increase, likely benefiting their shareholders.
