The Evolution Mining Ltd (ASX: EVN) share price is enjoying another strong day today.
Evolution shares closed on Friday at $4.20 and are currently trading for $4.42. That sees the Evolution share price up 5.1% in intraday trading even as the S&P/ASX 200 Index (ASX: XJO) is down 0.7%.
So, what’s driving today’s gains for the ASX 200 gold share?
Why is the ASX 200 gold share up today?
To be fair, it’s not just the Evolution share price bucking the wider selling trend gripping the market today.
Most of the major ASX gold shares are well into the green, as witnessed by the 4.7% intraday gain posted by the S&P/ASX All Ordinaries Gold Index (ASX: XGD), in stark contrast to the 3.3% fall posted by the S&P/ASX All Technology Index (ASX: XTX) at this same time.
And you need look no further than the fast-rising price of gold to understand why.
Fuelled by the soaring global geopolitical tensions unleashed by Russia’s invasion of neighbouring Ukraine, bullion prices gained another 1% overnight. That brings the price of gold to US$1,990 per troy ounce, according to data from Bloomberg.
Gold, as you’re likely aware, is viewed by many investors as a haven asset in times of uncertainty. And its this haven status that’s seen bullion rocket from US$1,820 per ounce just one month ago.
And that 9.3% gain in the price of gold has helped deliver a 22% boost for Evolution shareholders since this time last month.
Evolution share price snapshot
The Evolution share price has gained 8.1% so far in 2022.
By comparison, the ASX 200 is down 6.8% year-to-date.
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