Why are ASX gold shares soaring today?

The yellow metal is shining brightly on Thursday.

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

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

ASX gold shares are on the rise on Thursday, with the top four gainers of the S&P/ASX 200 Index (ASX: XJO) all being gold miners.

The S&P/ASX All Ordinaries Gold Index (ASX: XGD) is up 3.21%, while the S&P/ASX All Ordinaries Index (ASX: XAO) is down 0.0087% at the time of writing.

Here's how some of the ASX gold shares are performing today:

Northern Star Resources Ltd (ASX: NST) shares are up 1.65% to $17.25.

Evolution Mining Ltd (ASX: EVN) shares are up 3.7% to $6.44.

Newmont Corporate CDI (ASX: NEM) shares are up 0.84% to $69.40.

Bellevue Gold Ltd (ASX: BGL) shares are up 6.25% to $1.27.

Capricorn Metals Ltd (ASX: CMM) shares are up 6.05% to $7.89.

Westgold Resources Ltd (ASX: WGX) shares are up 5.53% to $2.58.

West African Resources Ltd (ASX: WAF) shares are up 3.11% to $2.15.

Emerald Resources NL (ASX: EMR) shares are up 2.96% to $4.

Perseus Mining Ltd (ASX: PRU) shares are up 3.31% to a 14-year high of $3.12.

De Grey Mining Limited (ASX: DEG) shares are up 1.77% to $2.02.

Gold Road Resources Ltd (ASX: GOR) shares are up 2.59% to $2.58.

Ora Banda Mining Ltd (ASX: OBM) shares are up 11.73% to a six-year high of $1.07.

The top four risers of the ASX 200 today are Bellevue Gold, Capricorn Metals, Westgold, and West African Resources shares, respectively.

Capricorn Metals has announced the acquisition of a highly prospective project called Kings Find in Western Australia.

Kings Find spans 54 square kilometres and borders Capricorn's Mt Gibson tenure.

Ora Banda has released "outstanding" drilling results from its Riverina Gold Camp.

The miner said it had intersected two wide, high-grade lodes 400 metres below the surface.

What's driving ASX gold shares higher today?

Aside from some company news, it's primarily a strong gold price pushing ASX gold shares up today.

The gold price is trading about 1% higher at US$2,938 per ounce at the time of writing.

According to Trading Economics, the gold price is holding close to record levels due to its safe-haven appeal amid global trade uncertainties and a weaker US dollar.

Tariff turmoil continues to make traders nervous.

The latest drama saw Ontario Premier Doug Ford temporarily suspend a planned 25% surcharge on US electricity exports after US President Donald Trump threatened to double the 25% tariff on Canadian steel and aluminium to 50%.

Trading Economics analysts said:

The ongoing global trade uncertainties, combined with heightened concerns over a US tariff-induced recession, continued to drive investors toward safety assets.

Nervousness over tariffs is the primary reason behind the ASX 200 falling to seven-month lows this week.

The benchmark index is currently down 0.091% to 7,779.1 points.

Motley Fool contributor Bronwyn Allen 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

A man analyses stockmarket graph on his computer.
Gold

Up 132% in a year, why is the Evolution Mining share price gaining again today?

Investors are piling into Evolution Mining shares on Friday. But why?

Read more »

A man holds his head in his hands, despairing at the bad result he's reading on his computer.
Gold

ASX 300 gold stock crashes 8% on guidance update

This gold miner is having a tough session on Friday. But why?

Read more »

View of a mine site.
Gold

Up 70% in a year, why this fund manager is calling time on this soaring ASX 200 gold stock

A leading investment expert foresees headwinds for this surging ASX 200 gold miner.

Read more »

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

Up 305% in a year, what's got investors so excited about this ASX gold share?

'First gold' is imminent...

Read more »

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

Why are ASX 200 gold stocks going gangbusters today?

Investors are piling into the ASX 200 gold miners today. But why?

Read more »

A man wearing glasses and a white t-shirt pumps his fists in the air looking excited and happy about the rising OBX share price
Gold

Guess which ASX stock is rocketing 75% on big news

Let's find out why this shares is starting the week with a bang.

Read more »

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 »