Northern Star Resources Ltd (NST.AU) stock is soaring 5.08% in Thursday's trading session, buoyed by a significant surge in gold prices overnight. The precious metal experienced its best day in over two years, with gold futures jumping 3.8% to US$3,103.6 an ounce.
The rally in Northern Star Resources comes amid a broader market upswing, with the ASX 200 expected to open 489 points or 6.6% higher. This follows an incredible night of trade on Wall Street, where major U.S. indices posted substantial gains. The positive sentiment in global markets is attributed to President Trump's decision to reverse some tariffs, which has sparked optimism among investors.
Gold mining stocks, including Northern Star Resources, are particularly well-positioned to benefit from the surge in gold prices. As one of Australia's leading gold producers, Northern Star is likely to see increased investor interest as the value of its primary commodity rises. The company's strong market position and the potential for improved profit margins due to higher gold prices are likely contributing factors to its impressive pre-market performance.
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