Gold price smashes record highs again adding more shine to ASX 200 gold stocks

The gold price has set another new all-time high in great news for ASX gold miners.

rising gold share price with with an arrow and word gold

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

There's no holding back the rocketing gold price of late, which has proven to be excellent news to investors in S&P/ASX 200 Index (ASX: XJO) gold stocks.

The yellow metal gained again overnight, trading at new all-time highs of more than US$2,387 per ounce. It's since retraced a touch, at US$2,383 per ounce.

As you'd expect, a series of new record highs for the gold price has seen investors snapping up ASX 200 gold stocks. And it's seeing the sector strongly outperform again today.

In early afternoon trade on Friday, the ASX 200 is down 0.3%. The S&P/ASX All Ordinaries Gold Index (ASX: XGD), on the other hand, is up a welcome 1.7% at this same time.

Here's how these top ASX 200 gold stocks are tracking today:

  • Northern Star Resources Ltd (ASX: NST) shares are up 0.9%
  • Newmont Corp (ASX: NEM) shares are up 0.3%
  • De Grey Mining Ltd (ASX: DEG) shares are up 2.6%
  • Ramelius Resources Ltd(ASX: RMS) shares are up 1.9%
  • Gold Road Resources Ltd (ASX: GOR) shares are up 1.8%
  • Evolution Mining Ltd (ASX: EVN) shares are up 1.5%
  • Bellevue Gold Ltd (ASX: BGL) shares are up 2.3%

That's some solid outperformance on a day when the benchmark index is going backwards.

But if you think that's something, have a look at the past month's returns.

One month ago the gold price stood at US$2,158 per ounce, some 10% below current levels.

Over that same month:

  • Northern Star shares have gained 10.1%
  • Newmont shares have gained 13.5%
  • De Grey Mining shares have gained 4.4%
  • Remelius Resources shares have gained 26.1%
  • Gold Road shares have gained 15.3%
  • Evolution Mining shares have gained 22.6%
  • Bellevue Gold shares have gained 25.2%

For some context, the ASX 200 has gained 1.1% over this same period.

Here's what's driving the gold price to yet another new record high.

Gold price in uncharted territory

It appears the gold price is getting a lift today from modestly lower-than-expected inflation data out of the United States overnight.

After the US consumer price index (CPI) data came in hotter than consensus expectations on Wednesday, the March producer price index (PPI) for final demand increased by 2.1%, below consensus expectations of 2.2%.

This looks to have again increased confidence that the US Fed will begin cutting interest rates over the coming months.

Gold, which pays no yield itself, tends to perform better in low and falling-rate environments.

Commenting on the gold price moves in response to the latest US inflation data, Nicky Shiels, head of metals strategy at MKS PAMP said (quoted by Bloomberg):

The PPI is enough to provide some relief to the hot CPI print yesterday. Overall, US bonds are trading as though Fed rate hikes are coming while gold is trading as though the Fed remains in rate cutting mode, so any dovish print going forward is fuel to accelerate the established bull trend.

The yellow metal is also enjoying support from strong ongoing central bank buying.

And gold's haven status has come to the fore as investors seek a safe store of wealth amid rising geopolitical tensions in the Middle East and Eastern Europe.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Gold

Miner looking at a tablet.
Gold

2 ASX All Ords gold stocks making moves on big news today

The ASX All Ords gold stocks are catching investor interest today. But why?

Read more »

A man standing in a red rock mine is covered by a sheet of gold blowing in the wind.
Gold

One ASX 200 gold stock to buy now…and one to sell

Some ASX 200 gold stocks stand to gain more from the surging gold price than others.

Read more »

A man in a suit face palms at the downturn happening with shares today.
Gold

Guess which ASX gold stock is crashing 20% on permit blow

This gold miner is having a day to forget. But why?

Read more »

Gold bars and Australian dollar notes.
ETFs

$10,000 invested in GDX ETF a year ago is now worth…

Has this ASX gold ETF delivered for investors amid the recent gold price bonanza?

Read more »

Gold bars on top of gold coins.
Gold

Why did Citi Group just raise its gold price target?

One ASX broker thinks gold's recent run is all out of steam, at least for now.

Read more »

Woman holding gold bar and cheering.
Gold

Up 200% in 2025, guess which ASX gold stock is surging 11% again today

Investors are sending the ASX gold stock soaring again today. But why?

Read more »

Man with rocket wings which have flames coming out of them.
Gold

Guess which ASX gold stock just rocketed 167% on big news!

Investors are sending the ASX gold stock flying higher on Monday. Let’s find out why.

Read more »

Rising gold share price represented by a green arrow on piles of gold block.
Gold

Up 72% in 2025, why is this ASX 200 gold stock racing ahead of the benchmark again today?

Investors are bidding up this high-flying ASX 200 gold stock again on Thursday. But why?

Read more »