Guess which ASX 200 mining shares are outpacing BHP today

The BHP Group Ltd (ASX: BHP) share price is lifting today, but three ASX 200 mining shares are rising even higher.

The Evolution Mining Ltd (ASX: EVN), Northern Star Resources Ltd (ASX: NST), and Newcrest Mining Ltd (ASX: NCM) share prices are all in the green today.

Let’s take a look at why these ASX 200 mining shares are doing so well today.

Gold prices rise

Evolution shares are surging 4.76% today, while Northern Star shares are up 6.42%. Meanwhile, Newcrest shares are lifting 5.65%. BHP shares are climbing 2.98% at the time of writing.

Evolution, Northern Star and Newcrest are all major gold producers. BHP is a global mining giant producing multiple commodities, including copper, iron ore, nickel, coal, potash, gold, uranium and silver.

The gold price leapt 2% in global markets overnight after the US dollar retreated slightly. US gold futures climbed 2.1% to US$1,670.

High Ridge Futures metals director David Meger, quoted by Reuters, highlighted gold had moved away from previous lows amid a pullback in the dollar and yields. He added:

The factors in regards to Russia and the discussion of annexation… that probably gave a bid to the (gold) market from a safe-haven perspective.

However, iron ore futures dropped 1% overnight amid concerns about Chinese economic growth.

Macquarie analysts have recently lifted the price target on BHP shares to $44. This is a nearly 15% upside on the current share price. Macquarie has increased earning estimates for the mining company by 5% per year through to FY 2026 to reflect higher coal prices.

Share price snapshot

The BHP share price has soared 18% in the past year. In contrast, Northern Star shares have shed 10%, Evolution shares have lost nearly 43% and Newcrest shares have dropped 26%.

The S&P/ASX 200 Materials Index (ASX: XMJ) has climbed 5% in a year.

The post Guess which ASX 200 mining shares are outpacing BHP today appeared first on The Motley Fool Australia.

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More reading

• The Newcrest dividend is being paid today. Here’s the lowdown
• 5 things to watch on the ASX 200 on Thursday
• Here’s why the Northern Star share price is staging a partial rebound
• Top brokers name 3 ASX shares to buy today
• ‘Willingness to pay a premium’: ASX coal shares boom again on Wednesday

Motley Fool contributor Monica O’Shea 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.

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