The broader ASX is struggling today but gold shares are outperforming. Right now, the S&P/ASX All Ordinaries Gold Index (ASX: XGD) has lifted 2.2%.
Meanwhile, the All Ordinaries Index (ASX: XAO) is down 0.72%. Looking to the bigger end of town, the S&P/ASX 200 Index (ASX: XJO) has fallen 0.73%.
The sector’s gain follows a decent night for gold prices. Gold futures price rose 0.9% to US$1,798 an ounce overnight while spot gold ended the United Statesâ session at around US$1,787 an ounce.
But which ASX gold shares are leading the charge on Thursday? Letâs take a look at three posting gains of as much as 11%.
These 3 ASX gold shares are glittering today
First off the bat are shares in$29 million explorer Odyssey Gold Ltd (ASX: ODY). Its share price is soaring 11.36% to trade at 4.9 cents right now.
Its gains come amid news drilling at the companyâs Tuckanarra joint venture projectâs Highway Zone has produced more pleasing results.
Assay results from six holes of the 21-hole drilling program have returned significant findings. Odyssey managing director Matt Briggs commented:
These results build upon the outstanding shallow results ⦠received over the last few months.
Bellevue Gold Ltd (ASX: BGL) shares are also rocketing on Thursday, gaining 7.5% to trade at $1.145 at the time of writing.
The stock plummeted 12% yesterday after breaking a two-session trading halt with news of a successful $60 million placement.
The market appears to be taking advantage of Wednesdayâs tumble today.
Finally, shares in ASX 200 gold favourite St Barbara Ltd (ASX: SBM) are leaping higher despite the companyâs silence. Right now, the stock is up 4.35% at 64.7 cents.
However, the company wonât be wearing its crown for much longer. It will be removed from the ASX 200 in the upcoming quarterly rebalance, to take effect on 19 December.
Of course, that means funds tracking the index will be forced to offload the stock in the coming weeks. That means, as per the law of supply and demand, the near future could be rough on the gold minerâs share price.
The post 3 ASX gold shares rocketing higher on Thursday appeared first on The Motley Fool Australia.
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More reading
- Which ASX mining shares have had their dividend yields slashed the most in 2022?
- Why Beach, Bellevue Gold, Block, and Brainchip shares are dropping
- Why is the Bellevue Gold share price on ice today?
- Why Beach, Block, Magellan, and St Barbara shares are dropping
- Guess which gold share is being booted out of the ASX 200
Motley Fool contributor Brooke Cooper 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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