- Gold prices surpassed US$1,900 per ounce after almost eight months.
- One of the major factors behind this rally is the US inflation data showing signs of inflation slowing.
Gold prices are recording highs, breaching US$1,900 on 12 January 2023. The yellow metal has been on an upward trend since November 2022 and is currently hovering around levels not seen since April last year.
The commodity is seeing an added level of attraction amid anticipation that the US inflation data could influence the Fed rate-hike stance.
Gold prices have historically shown dependence on interest rates as an increase in interest rates raises the opportunity cost of holding gold.
With Fed Chair Jerome Powell pointing towards a hawkish stance, the investor community is keeping their fingers crossed for the upcoming Fed announcement.
With this backdrop, let's skim through a few ASX gold stocks, covering their recent developments and performance in the last five days.
Iceni Gold Limited (ASX:ICL): The Perth-based exploration player is the operator of the Laverton Greenstone Belt-based gold project, 14 Mile Well. The company recently discovered a new target area at Goose Well, lying within the 14 Mile Well project.
The company discovered a surface gold nugget anomaly by the metal detector, and the surface sampling identified gold and multi-element anomalism in rock chip samples. As per the company, the target area hosts a syenite intrusion. These intrusions are linked to major regional gold deposits.
Westgold Resources Limited (ASX:WGX): The company's recent update highlights the outperformance of its Bluebird underground mine, producing 110,606t at 3.47g/t gold. Also, the company's drilling program achieved success to the south and north of the current mine plan.
Ausgold Limited (ASX:AUC): The Western Australia-based gold exploration and development company holds a portfolio of multi-metal projects. Its flagship project is the 2.16 Moz Katanning Gold Project, located 275km southeast of Perth, for which the company recently commenced the Definitive Feasibility Study (DFS).
It is also executing a large 25,000m exploration drill program designed to expand the KGP Resource and test several regional exploration opportunities.
Horizon Gold Limited (ASX:HRN): The company is highly focused on its 100%-owned Gum Creek Gold Project in Western Australia. The company has received broad and high-grade gold intercepts at the project. The broad, shallow, and high-grade intercepts are from Specimen Well, Fangio, Kearrys and Beta prospects. The company believes that the latest assays support the potential to build a substantial combined resource in the northern part of the project.
Barton Gold Holdings Limited (ASX:BGD): The company has wrapped up cleanout and preservation at its Central Gawler Mill asset.
The stripping and securing operation of the high-value areas has resulted in the recovery of gold-bearing materials of more than 10 (wet) tonnes. The materials have been dispatched for processing and sale.