Northern Star Resources Ltd (NST.AU) saw its stock soar by 5.08% in early trading on Thursday, riding the wave of a significant surge in gold prices. The precious metal experienced its best day in over two years, with gold futures jumping 3.8% to US$3,103.6 an ounce overnight.
The rally in Northern Star's stock price comes amid a broader market upswing, with the ASX 200 expected to open significantly higher following strong performances on Wall Street. The positive sentiment in the gold sector is likely to benefit major Australian gold miners like Northern Star, as higher gold prices typically boost profitability for these companies.
Investors are closely watching the gold market as global economic uncertainties continue to drive demand for safe-haven assets. Northern Star Resources, as one of Australia's leading gold producers, stands to benefit from this trend if gold prices maintain their upward trajectory. The company's stock performance today reflects the market's optimism about its potential earnings growth in the current gold price environment.
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