Here’s how ASX-listed gold miners have fared after a fall in gold prices

Highlights

  • Gold prices inched higher on Monday, having declined significantly last week after the US Federal Reserve signalled to ease its monthly bond purchases by 2022.
  • Jerome Powell stated during a press conference that the tapering could conclude in the mid of 2022 if the economy remains on track.
  • ASX-listed gold miners have been under pressure due to a fall in gold prices.

Gold prices on Monday witnessed a slight uptick, after undergoing a sharp decline last week followed by the US Federal Reserve’s remarks signalling to ease its monthly bond purchases by 2022. The Fed also indicated a hike in the interest rates, increasing the opportunity cost for holding the non-yielding yellow metal. 

Gold, along with silver, gained earlier on the expectations that the Federal Reserve could delay its bond tapering program followed by the Chinese property giant Evergrande’s financial crisis.

Federal Reserve Chairman Jerome Powell stated during a press conference that the tapering could conclude in the mid of 2022 if the economy remains on track. Central banks on the other hand also indicated that the rise in interest rates could happen earlier than expected despite the rising inflation forecast and lower growth projections for 2021.

Related read: Who is the largest gold producer in Australia?

The precious metal last traded at US$1,760.20 per ounce, up 0.59% on COMEX as of 27 September 2021. The prices of gold have plummeted 2.75% in the last one month while the bullion has lost its appeal by falling 6.40% in past one year.

Given this backdrop, let’s look at how the leading ASX-listed gold miners have performed.

ASX Gold Stocks

Newcrest Mining Limited

Incorporated in 1990, Newcrest Mining Limited (ASX:NCM) is one of the largest gold miners in Australia. The company has its operations in Australia and Papua New Guinea. NCM has its headquarters in Melbourne, Australia, and is engaged in the exploration, development, and sale of gold and copper concentrates.

Newcrest has produced 2.1Moz gold during FY21 with an AISC of US$911/oz.

Related read: Top ten fully franked gold stocks with high dividend yield

Northern Star Resources Limited

Northern Star Resources Limited (ASX:NST) is a Western Australia and Northern Territory-focused gold miner. The company's portfolio includes world-class, low-cost, and high-grade gold projects including Kalgoorlie, Yandal, and Pogo.

Gold Mining

Source: Copyright © 2021 Kalkine Media

The gold miner has sold 1,595koz of gold during the FY21 at an AISC of AU$1,483 per ounce.

Evolution Mining Limited

Headquartered in Sydney, Australia, Evolution Mining Limited (ASX:EVN) is an Australian gold miner with its projects situated in New Zealand and Australia. The Company operates several gold mines in Western Australia.

Related Read: Three ASX gold stocks to light up your portfolio as gold prices heat up

The gold miner has produced 680,788oz of gold during the financial year 2021 at an AISC of AU$1,215 per ounce.

Bottom Line

Gold prices tumbled significantly during the last week after the US Federal Reserve signalled to ease its monthly bond purchase by 2022. However, the prices inched up slightly on Monday due to higher demand for the bullion.

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