It's been a strong start to the trading week so far this Monday. At the time of writing, the S&P/ASX 200 Index (ASX: XJO) has gained a rosy 0.57% and is back to over 8,330 points. But it's been an even brighter day for ASX gold stocks today.
Today's trading has seen at least 14 ASX gold stocks hit fresh new 52-week highs this session.
Here they are:
Image source: Getty Images
14 ASX gold stocks at new 52-week highs today
| ASX gold share |
New 52-week high* |
| Newmont Corporation (ASX: NEM) | $86.50 |
| Northern Star Resources Ltd (ASX: NST) | $17.44 |
| Evolution Mining Ltd (ASX: EVN) | $5.27 |
| Perseus Mining Ltd (ASX: PRU) | $2.96 |
| De Grey Mining Ltd (ASX: DEG) | $1.46 |
| Westgold Resources Ltd (ASX: WGX) | $3.26 |
| Emerald Resources N.L. (ASX: EMR) |
$4.40 |
| Ramelius Resources Ltd (ASX: RMS) |
$2.48 |
| Capricorn Metals Ltd (ASX: CMM) |
$6.60 |
| Regis Resources Ltd (ASX: RRL) |
$2.75 |
| Resolute Mining Ltd (ASX: RSG) |
$0.88 |
| Spartan Resources Ltd (ASX: SPR) |
$1.59 |
| Ora Banda Mining Ltd (ASX: OBM) |
$0.86 |
| St Barbara Ltd (ASX: SBM) |
$0.47 |
*at the time of writing
Why are these gold miners at new 52-week highs today?
We don't have to look too far to see why these ASX gold stocks are cracking new 52-week highs this Monday.
This morning, you might have caught my Fool colleague James' article '5 things to watch on the ASX 200 on Monday'. In this piece, we covered how ASX gold stocks could have a strong start to the week, thanks to the precious metal's new record high of US$2,730 an ounce over the weekend.
Well, today, gold has climbed even higher. According to CNBC, futures for the yellow metal have hit a new high of US$2,744.30 an ounce. Not bad, considering gold was asking less than US$2,000 an ounce this time last year.
A potent combination of geopolitical tensions, lingering inflationary concerns, and falling global interest rates seems to be working wonders for gold. Even in the 21st century, gold remains a popular 'safe-haven' investment, and investors have been flocking to the precious metal as a result. As well as to the ASX gold stocks that own and mine it, of course.
Gold miners are, in effect, leveraged bets on the price of gold itself. Since these miners' costs are relatively fixed, every 1% that the gold price rises can lead to a 2% or even 3% lift in these companies' profits.
As such, it's no surprise to see so many ASX gold stocks hit new 52-week highs this Monday. Let's see what happens over the rest of the week.
