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Highlights
- Gold rallies on weaker US economic signals
- ASX300 gains as investors eye rate cut possibilities
- Leading gold miners surge on commodity price strength
The Australian share market surged higher in early trade, with the S&P/ASX200 climbing 0.98% to reach 8,379.1 points, largely driven by renewed optimism in the precious metals sector. This momentum followed a notable rebound in gold prices, which spiked 3.4% overnight to US$3,237 an ounce (A$5,052), triggered by softer-than-expected US economic data.
April’s US retail sales data showed a marginal 0.1% rise month-over-month. More critically, the control group of retail sales—a key metric used to estimate consumer spending in GDP—unexpectedly dropped 0.2%, against market expectations of a 0.3% increase. Meanwhile, both manufacturing production and the Producer Price Index also posted monthly declines of 0.4% and 0.5%, respectively. The PPI fall marked the steepest drop in five years.
These data points have intensified market expectations of potential rate cuts by the US Federal Reserve later in 2025. In response, US Treasury yields fell and global gold demand gained strength, boosting sentiment in precious metals.
On the domestic front, this uptick in gold pricing directly benefited gold mining stocks within the S&P/ASX200. Some of the day’s leading gainers included Regis Resources (ASX:RRL), which climbed 5.61% to $4.52, and Ramelius Resources (ASX:RMS), rising 4.98% to $2.53. Other strong performers were Perseus Mining (ASX:PRU), up 4.94% to $3.40; Genesis Minerals (ASX:GMD), gaining 4.76% to $3.86; and Spartan Resources (ASX:SPR), advancing 4.75% to $1.99.
In contrast, uranium-focused miners Paladin Energy (ASX:PDN) and Deep Yellow (ASX:DYL) slipped 3.12% and 3.01%, respectively, as commodity focus rotated toward gold.
Broadly, ten of the eleven sectors on the S&P/ASX200 opened in the green. Materials led the early gains with a 0.36% lift, followed by utilities at 0.33% and industrials up 0.29%. The performance trend aligns with the broader ASX300 index, which tracks Australia’s 300 largest public companies by market capitalisation.
With investor attention turning toward macroeconomic cues and commodity pricing, gold miners within the ASX dividend stocks category are likely to remain under close watch in the near term. These movements also provide insights into how market dynamics can impact broader index performance, including both the S&P/ASX200 and the ASX300.
As the economic narrative unfolds, precious metal trends and central bank policy shifts remain central themes shaping equity movements across Australia’s top-listed companies.
