Softer bullion prices drag down ASX gold stocks

1 min read | January 02, 2024 10:42 PM PST | By Team Kalkine Media

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Softer bullion prices drag down ASX gold stocks — Image source: shutterstock.com

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The Australian gold sub-index (INDEXASX: XGD), faced a significant 2.74% drop, hitting 7,160.40 points, marking its lowest level since December 18.

The decline in gold was influenced by the surge in the U.S. dollar. U.S. gold futures experienced a 0.1% slip, resting at$2,070.30.

Three stocks - Gold Road Resources (ASX: GOR), St Barbara (ASX: SBM), Resolute Mining (ASX: RSG) topped the losses within the sub-index, plummeting by 7.9%, 4.9%, and 4.4%, respectively.

Sector leaders Northern Star Resources (ASX: NST) and Evolution Mining (ASX: EVN) witnessed declines of over 3%, contributing to the overall fall in the sub-index.

Comparative analysis with previous performance

In 2023, the XGD sub-index registered a robust 24.5% rise, outpacing the benchmark S&P/ASX 200 index, which recorded a 7.8% increase.

Conclusion

The substantial decline in the Australian gold sub-index, attributed to the surge in the U.S. dollar, underscores the vulnerability of gold prices to currency fluctuations and individual stock performance within the sector.

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