- Gold prices hovered near its four-month high on Monday amid weak US dollar and falling Treasury yields.
- Various ASX-listed gold space players are capitalising on the rallying gold prices.
Today, gold prices moved up by nearly 0.16% to US$1,884.63 per ounce, reflecting almost a four-month high amid weak US dollar and declining Treasury yields.
Gold has played a vital role as an inflation-hedging asset amid rising inflation concerns. The recent crash in the cryptocurrency market seems to have again lured investors toward the most trusted safe-haven investment.
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China’s move to crack down on bitcoin mining and trading caused the crypto market to plummet significantly in the past week. Additionally, rising coronavirus cases in Asia have lifted the bullion prices.
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Given this backdrop, let us skim through three ASX-listed gold players that gained around 5% on the ASX today.
Silver Lake Resources Limited:
Silver Lake Resources (ASX: SLR) is an Australia-based gold exploration and production company with its flagship Mount Monger and Deflector projects in Western Australia.
The company is well-positioned to deliver strong cash flow from its business operations and mine life extension opportunities. SLR produced 60,502oz of gold in the March 2021 quarter. The company has maintained its FY21 gold production guidance at 240-250Koz.
SLR stock closed the day’s trading at AU$2.00 on 24 May, moving up by 4.986%. The stock has delivered a return of more than 75% in the last three months.
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Gold Road Resources Limited:
Gold Road Resources (ASX: GOR) is a Western Australia-focused gold exploration and production company. The miner holds highly prospective and underexplored Tier 1 projects in the Yamarna Greenstone Belt.
The miner produced 66,213oz of gold during the March 2021 quarter with an AISC of AU$1,386 per ounce. GOR generated a free cash flow of AU$15.1 million during the reported quarter. The miner also paid a fully franked interim dividend of 1.5 cents per share on 14 April 2021.
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The stock of GOR traded higher by 5.82% on Monday. The stock has gained more than 30% in the last six months.
Chalice Mining Limited:
Chalice Mining (ASX:CHN) is an ASX-listed gold exploration company with flagship projects in premier terrains of Australia. The company holds the Pyramid Hill gold project covering an area of more than 5,000 sq. km in Victoria. The company drilled 11 holes at Karri during the March quarter with the intersection of high-grade gold zones.
Other projects are focused on base metals.
The stock of CHN closed the day’s trade at AU$8.14 on 24 May, moving up by 4.761%. The shares of the company have grown more than 85% in the last three months.