Bellevue Gold Leads ASX Gold Rally as Prices Hit Record High

Highlights:

• Bellevue Gold Limited (ASX: BGL) shares rose 3.7% to 91.7 cents at the time of writing, leading gains among ASX-listed gold miners.
• Gold reached a new peak of USD 3,535 (AUD 5,427.40) per ounce, supported by growing expectations of a US interest rate cut and heightened global market volatility.
• Bellevue Gold announced the appointment of Leigh Junk, former Karora Resources managing director, as an independent non-executive director.

Strong Market Performance

Bellevue Gold Limited (ASX: BGL) was at the forefront of a surge in gold mining stocks during morning trade, benefiting from a fresh record in spot gold prices. At the time of writing, shares in Bellevue Gold were up 3.7%, trading at 91.7 cents per share. The rally wasn’t limited to Bellevue Gold. Other major gold miners also posted gains, with Vault Minerals climbing 2.7%, Regis Resources up 2%, Northern Star Resources advancing 1.9%, and Genesis Minerals gaining 1.9%.

Gold Prices at All-Time Highs

The spot price of gold was trading at USD 3,535 (AUD 5,427.40) per ounce, up 0.07% at the time of writing. The precious metal had surged past USD 3,500 for the first time overnight, setting a new benchmark as investors sought safe-haven assets. The prospect of lower interest rates from the US Federal Reserve later this month has continued to push gold demand higher. Uncertainty in global markets is also contributing to the upward pressure on prices.

Board Appointment Adds Momentum

Adding to Bellevue Gold’s positive momentum was the announcement of Leigh Junk joining its board as an independent non-executive director. Junk brings significant industry experience, having previously served as managing director of Karora Resources before its $1.2 billion merger with Westgold Resources.

Global Market Uncertainty

Investor appetite for gold has been boosted by growing geopolitical and economic uncertainty. The majority of tariffs enacted under former President Donald Trump were ruled illegal in a recent US appeals court decision. While the tariffs remain in place until 14 October pending a possible Supreme Court appeal, the ruling has heightened market volatility. With strong gold prices and strategic board appointments, Bellevue Gold is positioned to capture investor attention in a period marked by uncertainty and heightened demand for safe-haven assets.

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