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Highlights:
- Gold is often considered a hedge against inflation by investors.
- The shares of four ASX-listed gold companies, Northern Star Resources Limited, Evolution Mining Limited, Newcrest Mining Limited, and Perseus Mining Limited, grabbed the limelight today.
As recession fear is looming large across the world, investors are looking at safe-haven assets. The yellow metal Gold is often considered a hedge against inflation and is seen as a trusted alternative of protection against purchasing power risk by investors.
On Thursday (June 23), Gold gave up initial gains and settled lower after the dollar became firmer following comments from the Fed chairman. The US gold futures was down 0.5% to US$1,829.8.
When it comes to the overall performance of the Materials sector, the sector was one of the worst performers on ASX today (June 24). The materials sector also includes gold stocks along with others. The broader index ASX 200 opened lower today, down 0.35% at 6,505.70 points in the early morning trade, while the S&P/ASX 200 Materials (Sector) XMJ was 0.158% lower at 15,638 points at 12:12 PM AEST today. The fall in the price of commodities has pulled down the materials sector today.
Also watch:
In this article, we will look at four ASX-listed gold stocks which grabbed investors’ attention today. The four stocks include Northern Star Resources Limited (ASX:NST), Evolution Mining Limited (ASX:EVN), Newcrest Mining Limited (ASX:NCM), and Perseus Mining Limited (ASX:PRU).
Meanwhile, it is worth mentioning that a landmark probe into Australia’s mining sector has revealed several shocking cases of sexual harassment and abuse of women workers at various mining companies.
Image Source: © Albund | Megapixl.com
Northern Star Resources Limited (ASX:NST)
The shares of the ASX-listed gold mining company Northern Star Resources Limited traded 0.755% higher at AU$8.00 per share on ASX at 12:24 PM AEST today. The company has a market capitalisation of AU$9.25 billion. In the last one year, the shares of Northern Star Resources Limited have lost nearly 19.39%, while the stock is down almost 15.02% year-to-date (YTD).
Recently, the company completed the sale of its two wholly-owned assets located in Western Australia, the Paulsens Gold Operation (Paulsens) and Western Tanami Gold Project (Western Tanami), to Black Cat Syndicate Limited (ASX:BC8)
Evolution Mining Limited (ASX:EVN)
The shares of ASX-listed gold miner Evolution Mining Limited traded 0.589% higher at AU$3.410 per share on ASX at 12:31 PM AEST today.
Recently, the company picked MLG Oz Limited as its preferred service provider to service its Mungari operation, located in the Goldfields region of Western Australia.
In the last one year, Evolution Mining shares have fallen nearly 26.72%, while the stock is down almost 16.30% on YTD.
Newcrest Mining Limited (ASX:NCM)
Newcrest Mining Limited shares were spotted trading 0.472% lower at AU$23.170 per share on ASX at 12:43 PM AEST today. The company has a market capitalisation of AU$20.79 billion. The share price of Newcrest Mining Limited has fallen 9.91% in the last one year, while the stock is down nearly 5.39% on YTD.
Perseus Mining Limited (ASX:PRU)
The share price of ASX-listed gold producer Perseus Mining Limited traded 0.584% higher at AU$1.720 per share on ASX at 12:48 PM AEST. The company has a market capitalisation of AU$2.32 billion. In the last one year, the share price of Perseus Mining Limited has gained almost 22.86%, while the stock is up nearly 4.24% on YTD.
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