Australian Gold Stocks Jump 4% Amid Weaker U.S. Data, Rising Bullion Prices

Fri 16 May 25, 02:05 AM | Team Kalkine

Image source: Shutterstock

Highlights:

Gold prices rise over 1% on weaker U.S. dollar and sluggish economic indicators

Evolution Mining (EVN.AX) leads gains, up 4.7% on the ASX 200 (.AXJO)

Year-to-date, gold sub-index (.AXGD) up 30.8% despite projected weekly drop

Australian gold miners rallied sharply on Thursday, with the ASX-listed Gold Sub-Index (.AXGD) jumping as much as 4.1% to 11,474.2 points, marking its largest single-day percentage gain since May 6. The rally coincided with a more than 1% increase in global gold prices, buoyed by a weakening U.S. dollar and disappointing U.S. economic data that dampened expectations for tighter monetary policy.

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