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Highlights:
- Amidst the recent selloff in the equity market, investors showed an inclination towards the yellow metal.
- Today, the S&P/ASX All Ordinaries Gold Index (ASX:XGD) was 3.142% lower at 6654.600 points at 12:36 PM AEST.
Due to weak overnight trading on Wall Street, the Australian share market is likely to end the week on a lower note. The benchmark index ASX200 was 2.415% lower at 7186.800 points during Friday's (6 May 2022) early morning trading hours.
Today, the S&P/ASX All Ordinaries Gold Index (ASX:XGD) was 3.142% lower at 6654.600 points at 12:36 PM AEST.
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After the gold prices jumped overnight, there were speculations that ASX-listed Gold miners would make decent gains; however, major gold stocks were trading in red during the early hours of trading today.
Amidst the recent selloff in the equity market, investors showed an inclination towards the yellow metal. US gold futures settled 0.4% at US$1,875.70 per ounce. Recently, we saw a surge in gold prices as investors invested heavily in the precious metal, considered a safe-haven asset when there is greater market volatility and uncertainty.
In this backdrop, let us look at three ASX-listed gold stocks. These stocks include Newcrest Mining Limited (ASX:NCM), Northern Star Resources Limited (ASX:NST), and Evolution Mining Limited (ASX:EVN).
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Newcrest Mining Limited (ASX:NCM)
The shares of ASX-listed gold mining company Newcrest Mining Limited traded 2.045% lower at AU$26.340 per share on ASX at 12:39 PM AEST today. With a market capitalisation of AU$24.01 billion, the Australia-based company is also involved in the mining operations and sale of Gold/Copper concentrate.
In its quarterly report for the three months ended 31 March 2022, Newcrest’s gold production jumped 10%.
The company’s gold and copper production increased for the third consecutive quarter, with the Cadia SAG mill motor operating at total capacity and improved performance at Lihir. The company expects a further increase in production in the June 2022 quarter.
In the last one year, the share price of Newcrest Mining Limited has gained 0.08%, while the stock is up 7.55% year-to-date (YTD).
Northern Star Resources Limited (ASX:NST)
The shares of Northern Star Resources Limited traded 1.708% lower on Friday at AU$9.495 per share on ASX at 1:03 PM AEST. With a market capitalisation of AU$11.25 billion, the ASX-listed gold miner has operations in Western Australia (WA) and Alaska. A few days back, the gold mining company had given an update on the Mineral Resource and Ore Reserve for the 12 months ended 31 March 2022. The company achieved Mineral Resource growth of 4.3Moz from exploration across operating centres.
In the last one year, the share price of Northern Star Resources has fallen 11.05%, while the stock is up 0.85% YTD.
Evolution Mining Limited (ASX:EVN)
The share price of Evolution Mining Limited fell 3.045% at AU$3.820 per share on ASX at 1.15 PM AEST today. Evolution Mining Limited is an ASX-listed gold mining company with a market capitalisation of AU$7.22 billion.
In the last one year, the share price of Evolution Mining Limited has fallen 17.32%, while the stock is down 6.37% YTD.
With its gold ore reserves at 10.3Moz, the company’s FY22 production guidance is ~650koz.
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