Australian gold stocks shine after weaker dollar boosts bullion prices overnight

De Grey Mining

02/03/2023 03:40

(Updates with comments from Macquarie and share moves)
    ** Australian gold stocks  .AXGD  rise as much as 2.8%,
hitting their highest since Feb. 16
    ** Gold prices gained overnight as strong Chinese economic
data dented the dollar and drove some bets for better physical
demand from the top bullion consumer  GOL/ 
    ** Macquarie notes gold will continue to trade at a premium
to the 10-year treasury inflation-protected securities 
    ** Sector majors Newcrest Mining  NCM.AX  and Northern Star
Resources  NST.AX  gain up to 2.8% and 5.1%, respectively
    ** NCM hits highest since Feb. 17 and NST on track for its
best day since Feb. 2
    ** Macquarie prefers NST and Regis Resources  RRL.AX  for
organic growth outlook, while Bellevue Gold  BGL.AX  and DE Grey
Mining  DEG.AX  remain key exploration and development picks  
    ** Gold explorer Red 5  RED.AX  climbs 5.8% and top gainer
on AXGD
    ** Sub-index up 1.7% YTD, as of last close 

 (Reporting by Riya Sharma and Navya Mittal in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))