The S&P/ASX 200 Resources Index (ASX: XJR) is leaping 1.71% today, and ASX gold shares are part of the trend.
Gold shares rising today include Evolution Mining Ltd (ASX: EVN), Northern Star Resources Ltd (ASX: NST), OceanaGold Corp (ASX: OGC), Silver Lake Resources Limited (ASX: SLR) and
Mako Gold Ltd (ASX: MKG) .
So what is impacting ASX gold shares today?
Gold prices
At the time of writing, OceanaGold Corp shares are up 7.95%, while Evolution Mining is leaping 4.88%. Silver Lake is jumping 3.86%, while Northern Star is climbing 3.43%, and Mako Gold is up 2.47%.
Gold prices jumped in the United States overnight due to the US dollar weakening and lower treasury yields, CNBC reported.
US gold futures leapt 1% to $1,885.60 an ounce, while spot gold climbed 0.7% to $1,866.39 an ounce on Tuesday.
Commenting on the gold prices, City Index UK senior market analyst Matt Simpson said:
The weaker dollar has helped gold break back above its 200-day average… and we’re not yet convinced the greenback has seen a low.
Gold futures have since pulled back to $1,862 at the time of writing, but this is still the highest level since 9 May.
Meanwhile, Mako Gold today reported “exceptional drilling results” at the Gogbala Prospect in Côte d’Ivoire, West Africa. The company intersected high-grade gold mineralisation at 40 of 49 holes at the project.
In other news, OceanaGold released a sustainability report yesterday. President and CEO Gerard Bond described 2021 as a “remarkable year” both operationally and due to improving sustainability performance. The company aims to cut carbon emissions by 30% per ounce of gold by 2030.
Share price snapshot
OceanaGold Corp shares have surged 39% in the year to date, while Evolution Mining shares have slipped nearly 5%.
Silver Lake shares have descended 9% year to date, while Northern Star Resources have dropped 19%, and Mako Gold shares have slipped nearly 25%.
For perspective, the ASX 200 Resources Index has jumped nearly 11% year to date.
The post Why are ASX gold shares leaping today? appeared first on The Motley Fool Australia.
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More reading
- 5 things to watch on the ASX 200 on Wednesday
- 5 things to watch on the ASX 200 on Tuesday
- 5 things to watch on the ASX 200 on Monday
- Here are the top 10 ASX shares today
- 5 things to watch on the ASX 200 on Thursday
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