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Highlights
- Gold prices jumped on Wednesday due to the weakening dollar and the aggressive approach of the Federal Reserve on inflation.
- The ASX All Ordinaries Gold Index was up 0.64% at 6,208.80 points today.
- The shares of major gold mining stocks Silver Lake Resources Limited, Perseus Mining Limited, and Newcrest Mining Limited closed higher today.
The Australian equity market closed lower today, as the benchmark index ended 1.65% lower at 7,064.50 points. Today's poor performance came as inflation concerns hurt investors' sentiments, with ten of the 11 sectors falling in the red territory and the Consumer Staples sector leading the losses.
Meanwhile, Gold prices rose slightly as concerns about growing inflation on economic growth led the traders to look at the yellow metal, considered a safe-haven asset. Today, the ASX All Ordinaries Gold Index was up 0.64% at 6,208.80 points.
In this article we will discuss the price performance of three-ASX listed Gold stocks, including Silver Lake Resources Limited (ASX:SLR), Perseus Mining Limited (ASX:PRU), and Newcrest Mining Limited (ASX:NCM).
Also watch:
Silver Lake Resources Limited (ASX:SLR)
The shares of ASX-listed Australian gold producer Silver Lake Resources Limited traded 1.355% higher at AU$1.495 per share on ASX. The shares of Silver Lake Resources Limited have declined 21.73% in last one year, while the stock is down 15.06% year-to-date (YTD).
Silver Lake owns and operates the Deflector and Mount Monger gold camps. Recently, the company withdrew its FY22 sales guidance due to COVID-19 disruptions contributing to labour shortages in March and April. The company has a market capitalisation of AU$1.37 billion.
Read More: Reckon (ASX:RKN) shares soar nearly 50%. Here’s why?
Image Source: © Olivier26 | Megapixl.com
Perseus Mining Limited (ASX:PRU)
Perseus Mining Limited's shares closed 0.574% higher at AU$1.750 per share on ASX today.
The shares of Perseus Mining have risen 31.58% in last one year, while the stock is up 6.06% year-to-date (YTD). The company has a market capitalisation of AU$2.14 billion.
Earlier this year, Perseus Mining Limited said that it had entered into a definitive agreement with Orca Gold Inc. to acquire all of the outstanding common shares of Orca not already owned by Perseus. This was to be done through a statutory Plan of Arrangement under the Canada Business Corporations Act. In a new development this week, the company revealed that Orca security holders have voted in favour of implementing the Arrangement. Perseus Mining operates three gold mines in Africa: Edikan in Ghana, and Sissingué and Yaouré in Côte d’Ivoire.
Newcrest Mining Limited (ASX:NCM)
The shares of Australia's leading gold producer Newcrest Mining Limited ended 0.241% higher at AU$24.930 per share on ASX.
Newcrest owns and operates a portfolio comprising low-cost, long-life mines and a strong pipeline of brownfields and greenfields exploration projects. In March this year, the company completed the Pretium acquisition and added the world-class Brucejack mine to its portfolio.
Newcrest Mining shares have fallen 11.91% in the last one year, while the stock is up 1.80% YTD. The company has a market capitalisation of AU$22.21 billion.
