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Why are ASX 200 gold stocks like Northern Star and Newmont down so much today?

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a person holds their head in their hands as they slump forward over a laptop computer which features a thick red downward arrow zigzagging downwards across the screen.

S&P/ASX 200 Index (ASX: XJO) gold stocks, including Northern Star Resources Ltd (ASX: NST) and Newmont Corp (ASX: NEM), are getting smashed on Thursday.

In morning trade, the ASX 200 is down 1.6%.

But the gold miners are doing it much tougher today as witnessed by the 7.1% decline in the S&P/ASX All Ordinaries Gold Index (ASX: XGD).

Here’s how some of the top ASX 200 gold stock are performing at this same time:

  • Northern Star shares are down 7.0% at $19.48
  • Newmont shares are down 4.9% at $147.69
  • Evolution Mining Ltd (ASX: EVN) shares are down 7.0% at $12.56
  • Ramelius Resources Ltd(ASX: RMS) shares are down 8.7% at $3.69
  • Bellevue Gold Ltd (ASX: BGL) shares are down 9.4% at $1.46
  • Genesis Minerals Ltd (ASX: GMD) shares are down 9.1% at $5.61
  • Perseus Mining Ltd (ASX: PRU) shares are down 6.6% at $4.84
  • Vault Minerals Ltd (ASX: VAU) shares are down 8.6% at $4.23
  • Westgold Resources Ltd (ASX: WGX) shares are down 7.8% at $5.69
  • Ora Banda Mining Ltd (ASX: OBM) shares are down 9.4% at $1.35

Ouch!

Here’s what’s got investors reaching for their sell buttons.

ASX 200 gold stocks in the crosshairs

After enjoying a tremendous run through to the beginning of March this year, ASX 200 gold stocks like Northern Star and Newmont have come under selling pressure amid a sizeable retrace in the record setting gold price.

On 2 March, gold was trading for US$5,322 per ounce. Today, that same ounce is trading for US$4,834, according to data from Bloomberg. That sees the gold price down more than 9% this month.

This comes as the oil price heads the other direction. Brent crude oil is trading or US$107 per barrel today, up 38% since 2 March.

And it matters for two reasons.

First, this divergence in the two commodity prices is driving a rotation from ASX 200 gold stocks into ASX 200 energy stocks.

Woodside Energy Group Ltd (ASX: WDS) shares, for example, are up 4.5% today, while rival Santos Ltd (ASX: STO) shares are up 2.8%.

The other reason the gold price – and gold miners like Newmont, Northern Star and Evolution Mining – are taking a steep hit is that fast rising energy prices look likely to fuel inflation.

The Middle East conflict and its impact on global oil prices was cited by Fed officials yesterday when the US central bank opted to keep interest rates on hold. On Tuesday, the RBA also mentioned rising energy costs after it opted to increase interest rates in Australia.

And gold, which pays no yield itself and is priced in US dollars, tends to do better in a low or falling rate environment.

The bigger picture

Longer-term investors in most ASX 200 gold stocks should still be sitting on outsized gains.

Despite today’s big retrace, the ASX All Ords Gold Index remains up 55.4% over 12 months.

The post Why are ASX 200 gold stocks like Northern Star and Newmont down so much today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben 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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