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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.

Among the biggest movers, Evolution Mining Ltd (ASX:EVN) surged 4.7%, placing it among the top percentage gainers on the S&P/ASX 200 Index (.AXJO). Northern Star Resources Ltd (ASX:NST) climbed 3.5%, while Bellevue Gold Ltd (ASX:BGL) advanced 3.3%. The gains reflect heightened investor interest in precious metal assets amid macroeconomic uncertainty.

Despite Thursday’s rebound, the gold sub-index remains on track for a 10.4% weekly decline if current trends persist. The week’s losses largely stem from earlier selloffs amid fluctuating commodity prices and concerns over global demand.

Year-to-date, however, the sector has delivered a 30.8% gain, outperforming many other segments of the Australian equity market. The performance has been supported by stronger-than-expected earnings reports earlier in the year and investor positioning around inflation hedges.

Traders and analysts will be closely watching both U.S. macroeconomic signals and any shifts in central bank policy tone, which could continue to influence gold’s appeal as a safe-haven asset — and, by extension, valuations of gold miners on the ASX.