Evolution Mining Ltd (EVN.AU) saw its stock price soar by 5.04% during intraday trading, as the Australian gold mining sector experienced a significant uptick. The surge comes as gold prices reached a new record high, driven by escalating trade tensions between the United States and China and lower-than-expected U.S. inflation data.
The Australian gold shares index (.AXGD) rose as much as 2.3% in early trade, touching another record high of 11,677.90 points. Evolution Mining, along with its peer Northern Star Resources, was at the forefront of this rally, with EVN.AU climbing 2.3% in early trading before extending its gains throughout the session.
The remarkable performance of gold miners stands in stark contrast to the broader market sentiment, with the ASX 200 futures indicating a 1.7% drop following a selloff in U.S. markets. Year-to-date, the gold sub-index has surged 38.5%, significantly outperforming the ASX 200 benchmark, which has fallen 7.7% over the same period. This divergence highlights the appeal of gold as a safe-haven asset during times of economic uncertainty and market volatility.
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