ASX gold index gains over 4%: Northern Star (ASX: NST) and Evolution Mining (ASX: EVN) follows the trend

March 05, 2024 05:20 PM AEDT | By Team Kalkine Media

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ASX gold index gains over 4%: Northern Star (ASX: NST) and Evolution Mining (ASX: EVN) follows the trend — Image source: shutterstock

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The Australian gold sub-index (INDEXASX: XGD), made significant moves on 5 March 2024, soaring by an impressive 4.08% to 6,890.10.

Gold Prices Soar: Anticipation of June Interest Rate Cut

The surge in the gold sub-index aligns with gold prices reaching a three-month pinnacle, fueled by mounting speculations of a June interest rate cut by the U.S. Federal Reserve (GOL).

Northern Star Resources Leads the Pack

Major player Northern Star Resources (ASX: NST) experiences a substantial 2.99% advance, reaching AU$14.13 apiece. The stock holds strong, maintaining a 3.1% increase.

Evolution Mining: Scaling New Heights

Not to be left behind, Evolution Mining (ASX: EVN) climbs a remarkable 3.56% to close at AU$3.20 apiece.

Year-to-Date Overview: Sub-Index Performance

Despite the sub-index's recent surge, it reflects a year-to-date downturn of approximately 10%, as of the last close. The market keeps a close eye on these dynamics, contemplating the potential trajectory of gold in the coming sessions.

In Summary

The Australian gold sub-index is currently on a bullish trajectory, marking substantial gains and reaching heights not seen in the past month. With gold prices responding to speculations of a June interest rate cut, major players like Northern Star Resources and Evolution Mining are leading the ascent. While the sub-index faces a year-to-date dip, its recent performance is capturing attention and sparking discussions about the future of gold in the market.

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