Australian gold miners fall, Morningstar trims valuation as bullion loses shine
BUZZ-Australian gold miners fall, Morningstar trims valuation as bullion loses shine Updates
** Australian gold stocks .AXGD fall as much as 3.8% in early trade, on pace for the third straight day of losses
** Gold prices fall 1% on the back of escalating tensions in the Middle East GOL/
** Evolution Mining EVN.AX, Northern Star Resources NST.AX and Perseus Mining PRU.AX down 4.8%, 3.2% and 3.1%, respectively
** Morningstar notes gold prices continue to fall, with gold miners' shares remaining expensive, trading at 30% to 180% above fair value
** Also flags that despite recent declines, gold prices are still up about 150% since late 2022 on worries over tariffs, geopolitical issues, Western government fiscal deficits and debt levels and a weaker U.S. dollar
** Morningstar cuts fair value estimate for Evolution by 4% to A$4.5
** Investment research firm also reduces fair value estimate for Northern Star and Perseus Mining PRU.AX by 5% to A$14.2 and 6% to A$3, respectively
** AXGD down 19.4% YTD, including the day's moves
(Reporting by Nikita Maria Jino in Bengaluru)
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