Shares of Northern Star Resources Ltd (NST.AU) surged 5.04% in intraday trading, as the gold mining company benefited from a significant jump in gold prices. The precious metal's futures price climbed 1.9% to US$3,407.3 an ounce, driven by geopolitical concerns and increasing bets on potential interest rate cuts.
The rally in gold prices has provided a strong tailwind for gold mining stocks, with Northern Star Resources being a notable beneficiary. As one of Australia's largest gold producers, the company's stock price often correlates closely with movements in the gold market.
This upward movement in Northern Star's shares comes against the backdrop of a broader market rebound. The ASX 200 was expected to open higher, following a positive performance in U.S. markets overnight. The surge in gold prices, coupled with the overall market optimism, has created a favorable environment for gold mining stocks like Northern Star Resources.
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