SXG, NST, NCM: Look at the performance of these gold stocks on ASX

3 min read | June 01, 2022 06:02 PM AEST | By Priyanka Payal

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SXG, NST, NCM: Look at the performance of these gold stocks on ASX — Image source: © Eamesbot | Megapixl.com

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Highlights

Gold prices fell sharply as the strong US dollar and rise in Treasury yields put pressure on the yellow metal.

The S&P/ASX 200 Materials (Sector) XMJ was 0.323% lower at 17866.600 points on ASX at 4:12 PM AEST today.

Shares of three ASX-listed gold stocks, Southern Cross Gold Ltd, Newcrest Mining Limited, and Northern Star Resources Limited, traded in red during the intraday trading session today.

Owing to pressure from the strong US dollar and a rise in US Treasury yields, Gold prices fell sharply on Tuesday (May 31). The price of the yellow metal, which is considered a safe-haven asset, fell 1% as Spot gold was 1.0% lower at US$1,837.30 an ounce. Meanwhile, the Australian securities exchange (ASX) opened higher today, while the S&P/ASX 200 Materials (Sector) XMJ was 0.323% lower at 17866.600 points on ASX at 4:12 PM AEST today.

ASX-listed Gold companies like Southern Cross Gold Ltd (ASX:SXG), Newcrest Mining Limited (ASX:NCM), and Northern Star Resources Limited (ASX:NST) had a difficult day today after Gold prices tumbled overnight. In this context, let us look at today's share market performance of these three gold companies.

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Southern Cross Gold Ltd (ASX:SXG)

The shares of ASX-listed gold explorer Southern Cross Gold Ltd traded 6.299% lower at AU$0.595 per share on ASX at 3:35 PM AEST today. The company got listed on ASX on 16 May 2022. Southern Cross Gold shares caught investors' attention on Monday (30 May) after the company announced a spectacularly wide intersection of gold-antimony mineralisation grading 119.2 m @ 3.9 g/t AuEq from 106.8 m in drill hole SDDSC033 at the fully-owned Sunday Creek Project in Victoria.

Southern Cross Gold Ltd owns three subsidiaries: Clonbinane Goldfield Pty Ltd, Mawson Victoria Pty Ltd, and Mawson Queensland Pty Ltd. The company has a market capitalisation of AU$99.21 million. In the last five days, Southern Cross Gold Ltd shares have gained almost 197%.

Newcrest Mining Limited (ASX:NCM)

Newcrest Mining Limited shares traded 2.635% lower at AU$24.380 per share on ASX at 4:00 PM AEST today.

Newcrest is one of the world's largest gold mining companies, with a market capitalisation of AU$22.36 billion. Recently, the company provided an update on the Paterson Farm-in Project and Wilki Farm-in Project exploration programmes. In the last one year, the share price of Newcrest Mining Limited has fallen almost 13.82%.

Image Source: © Bashta| Megapixl.com

Northern Star Resources Limited (ASX:NST)

The shares of ASX-listed Australian gold producer Northern Star Resources Limited traded 2.569% lower at AU$8.720 per share on ASX at 4:11 PM AEST today. The company has a market capitalisation of AU$10.42 billion. Northern Star owns three world-class gold production hubs-Kalgoorlie, Pogo, and Yandal in Australia & North America.

Northern Star Resources' share price has fallen nearly 23.71% in the last one year, while the stock is down up to 7.43% year-to-date (YTD).

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