Australian gold miners dip as bullion loses shine on surging oil prices

Evolution Mining

24/07/2026 02:05

** Australian gold stocks .AXGD fall as much as 3.9%, while the broader benchmark .AXJO is down 0.5%
** Sub-index logs biggest intraday pct drop since July 17, but on track for a 1.7% rise for the week
** Gold prices dropped 2% overnight as escalating tensions in the Middle East sent oil prices surging and intensified inflation concerns GOL/
** Index leaders Northern Star Resources NST.AX and Evolution Mining EVN.AX fall as much as 3.2% and 2.8%, respectively
** YTD, AXGD down 18.9%, including the day's moves, underperforming a 0.9% rise in the AXJO

 (Reporting by Nikita Maria Jino in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com;))