De Grey Mining Ltd (DEG.AU) saw its stock price soar by 5.05% in Friday's trading session, as Australian gold stocks reached new heights amid a surge in gold prices. The ASX Gold index (AXGD) rose as much as 3% to a record high, with the sector on track for its fourth consecutive week of gains.
The rally in gold stocks comes as bullion prices hit record highs, driven by increased demand for safe-haven assets. Investors are flocking to gold following U.S. President Donald Trump's announcement of new auto tariffs, which has raised concerns about global trade tensions and economic uncertainty.
De Grey Mining was among the top gainers on the ASX 200 index, alongside other gold miners such as Spartan Resources and Ramelius Resources. Sector leaders Northern Star Resources and Evolution Mining also saw significant gains, up 3.5% and 2.7% respectively. The ASX Gold index has shown impressive performance year-to-date, jumping 31.6% and positioning itself for its biggest weekly percentage rise since March 10.
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