S&P/ASX 200 Index (ASX: XJO) gold stocks are racing higher today.

At the time of writing, the ASX 200 is up a healthy 0.7%.

But with gold fever looking to be driving investor sentiment today, the S&P/ASX All Ordinaries Gold Index (ASX: XGD) – which also contains smaller miners outside of ASX 200 gold stocks – is up a much sharper 3.4% at this same time.

That puts the ASX All Ords gold index up an eye-popping 74.5% since this time last year, smashing the 9.1% 12-month gains posted by the benchmark index.

Here's how these top ASX 200 gold stocks are performing in intraday trade today:

• Northern Star Resources Ltd (ASX: NST) shares are up 3.0%
• Newmont Corp (ASX: NEM) shares are up 3.7%
• Ramelius Resources Ltd (ASX: RMS) shares are up 0.3%
• Gold Road Resources Ltd (ASX: GOR) shares are up 0.9%
• Evolution Mining Ltd (ASX: EVN) shares are up 3.7%
• Perseus Mining Ltd (ASX: PRU) shares are up 4.6%
• Bellevue Gold Ltd (ASX: BGL) shares are up 4.3%
• West African Resources Ltd (ASX: WAF) are up 1.6%

As you'd expect from the string of gains, the big Aussie gold miners are enjoying a sizeable boost in global gold prices today.

ASX 200 gold stocks shining bright

Although the gold price has dipped 0.4% since market open this morning, at the current US$3,365.45 per ounce, the yellow metal remains up 2.3% from Monday morning's prices.

And with a number of stars potentially aligning, ASX 200 gold stocks could well be eyeing a return to April's all-time highs of US$3,500 per ounce, or more.

That could bode well for the gold miners' share prices as well as future dividend payouts.

What's sending the gold price back towards all-time highs?

The gold price, and by extension ASX 200 gold stocks, are enjoying tailwinds from numerous fronts.

First, central banks continue to purchase bullion at near-record rates.

Second, interest rates have been coming down across most developed nations, with more rate cuts potentially on the cards. And gold, which pays no yield itself, tends to perform better in a low or falling interest rate environment.

But the latest big uptick in the gold price looks to be primarily driven by retail and institutional investors seeking safe-haven assets amid rising geopolitical turmoil.

That comes as the trade dispute between the United States and China looks to be heating back up, even as the US accused China of preparing for a real-world invasion of the island nation of Taiwan.

Adding to investor jitters is the escalation of Russia's war in Ukraine, with Russia responding to Ukraine's drone attacks with missile strikes of its own as peace talks continue to falter.

Commenting on the combination of factors boosting the gold price and ASX 200 gold stocks today, Peter Grant, senior metals strategist at Zanier Metals, said (quoted by Reuters):

The latest tariff threats on Friday, including plans to double steel and aluminium tariffs to 50% along with Ukraine's weekend attacks deep into Russia, have heightened geopolitical risks and are fuelling risk-off sentiment.