Australian gold stocks hit record high as bullion surges; Morningstar lifts valuations

Perseus Mining

06/10/2025 03:21

Updates

** Australian gold sub-index .AXGD rises as much as 1.5% to record high

    ** Gold surged past $3,900/ounce for first time, driven by safe-haven demand amid U.S. government shutdown GOL/

** Morningstar raises near-term gold price assumptions, hikes valuations for Northern Star Resources NST.AX, Evolution Mining EVN.AX by 5% to A$13.70 and A$4, respectively

** Ups fair value estimate for Perseus Mining PRU.AX by 6%

    ** However, finds gold miners materially over-valued despite hiked valuations

** Says gold expected to return to fundamentals in longer term

** NST rises 1.8%, EVN gains as much as 2.8%, PRU up 2%; EVN, PRU hits record highs

** YTD, AXGD nearly doubles in value; benchmark .AXJO up ~10%

 (Reporting by Nichiket Sunil and Himanshi Akhand in Bengaluru)

 ((Nichiket.Sunil@thomsonreuters.com))