Why are ASX 200 gold shares having such a top run today?

ASX 200 gold shares are pushing higher on the market today.

Gold shares in the green include Evolution Mining Ltd (ASX: EVN), Newcrest Mining Ltd (ASX: NCM), and Northern Star Resources Ltd  (ASX: NST).

So why are ASX 200 gold shares on the rise today?

Gold price rises

Evolution shares are rising 1.68% today, while Northern Star shares are up 1.17%. Meanwhile, the Newcrest Mining share price is climbing 1.37% today.

All these ASX 200 gold shares are major producers of gold.

The gold price pushed higher overnight, as my Foolish colleague James reported this morning.

Spot gold lifted to its highest level in six months amid China’s reopening optimism weighing on the US dollar, Reuters reported.

Commenting on the gold price, RJO Futures senior market strategist Bob Haberkorn told the publication:

Gold is following the decisions by China to further ease COVID restrictionson the anticipation of higher demand from the region and in spite of rising yields.

The spot gold price is currently fetching US$1,817.60 an ounce, according to CNBC.

Share price snapshot

The Northern Star share price has risen 21% in the last year.

The Evolution Mining share price has fallen 25% in the past 52 weeks.

The Newcrest share price has slid nearly 13% in the past year.

The post Why are ASX 200 gold shares having such a top run today? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Wednesday
• Why BWX, Earlypay, Evolution, and Pointsbet shares are dropping today
• 5 things to watch on the ASX 200 on Friday
• 5 things to watch on the ASX 200 on Thursday
• Could ASX 200 gold shares be ‘at another pivot point’?

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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