Evolution Mining Ltd (EVN.AU) saw its stock soar by 6.18% in Thursday's trading session, as Australian gold miners reached record highs. The surge comes in the wake of U.S. President Donald Trump's decision to pause some tariffs, which has boosted global market sentiment and driven up gold prices.
The Australian gold miners index (.AXGD) climbed as much as 5.2% to a record high of 11,275.80 points, marking its most significant intraday percentage gain since mid-September 2024. Evolution Mining, along with its peer Northern Star Resources, benefited from this sector-wide rally, with the latter seeing a 3.4% increase in its share price.
The impressive performance of gold miners can be attributed to several factors. Firstly, Trump's announcement of a 90-day pause on some tariffs and the temporary lowering of duties on certain countries have improved global market sentiment. Secondly, gold prices surged more than 2%, poised for their best day since October 2023, as investors sought safe-haven assets. This combination of factors has propelled the gold mining sub-index to outperform the broader ASX 200 benchmark significantly, with a year-to-date gain of 33.3% compared to the benchmark's 4.2% drop.
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