Top 10 at 11: Gold stocks lead ASX gains as spot price surges to five-week high

The ASX200 has started the day on a positive note, lifted 0.32pc by surging gold prices and strength in resources stocks.

Spot prices are climbing once again as global appetite for gold returns. Pic: Getty Images.

Morning, and welcome to Stockhead’s Top 10 (at 11… ish), highlighting the movers and shakers on the ASX in early-doors trading.

With the market opening at 10am sharp eastern time, the data is taken at 10.15am in the east, once trading kicks off in earnest.

In brief, this is what the market has been up to this morning.

Gold lifts ASX

A weakening in US bond yields and the US dollar itself has prompted a surge in the gold price overnight, jumping 1.4% to a five-week high at US$3,406.40 an ounce.

It’s the usual drivers at play – Trump’s latest tariff deadline of August 1 is swiftly approaching, and uncertainty around exactly what the fallout will be is brewing.

The spiking gold price has provided some much needed support for the ASX this morning, which has climbed 0.32% as of about 10:30 am AEST.

Materials is accounting for most of those gains, adding 2.09% alongside a 3.03% bounce in the All Ords Gold index and a similar 1.83% jump in the ASX 200 Resources.

Not a surprise that small cap resource stocks are making headlines this morning, then.

WINNERS

Code	Name	Last	% Change	Volume	Market Cap
VR8	Vanadium Resources	0.039	70%	9127771	$12,978,713
MPA	Mad Paws	0.125	67%	9176941	$30,468,169
KGD	Kula Gold Limited	0.0085	21%	7739739	$6,448,776
DES	Desoto Resources	0.17	21%	598222	$26,141,424
TR2	Tali Resources Ltd	0.72	21%	341655	$22,315,475
PRM	Prominence Energy	0.003	20%	200000	$1,216,176
DGR	DGR Global Ltd	0.007	17%	553260	$6,262,176
RC1	Redcastle Resources	0.007	17%	1199999	$4,461,401
ICR	Intelicare Holdings	0.015	15%	632984	$6,320,446
AIV	Activex Limited	0.023	15%	2802109	$4,310,052

In the news...

Kula Gold (ASX:KGD) has hit bonanza gold at the Mt Palmer project, with results up to 3m at 35.9 g/t gold and 1m at 83.6 g/t gold from 18m of depth.

Management says the results are evidence of Mt Palmers’ strong geological fundamentals, demonstrating the long-term development potential of the asset.

Vanadium Resources (ASX:VR8) has locked in a two-year DSO offtake deal with China Precious Asia Limited for vanadium-rich magnetite, agreeing to supply 100,000 metric tonnes of DSO per month over the contract period.

The deal hinges on both the official start of mining operations at the Steelpoortdrift vanadium project and the two parties finalising pricing terms by the end of August.

Mad Paws (ASX:MPA) has entered a scheme implementation deed, agreeing to be acquired by Rover Group, Inc at $0.14 per share. The deal values Mad Paws at about $62m.

Separately, MPA is offloading its online e-commerce division under the Pet Chemist brand in a share sale agreement with VetPartners Australia Pty Ltd for about $13m in cash consideration.

LAGGARDS

Code	Name	Last	% Change	Volume	Market Cap
GTR	Gti Energy Ltd	0.003	-25%	500000	$14,835,762
1TTDB	Thrive Tribe Tech	0.007	-22%	653500	$914,275
AAU	Antilles Gold Ltd	0.004	-20%	2078947	$11,895,340
PRX	Prodigy Gold NL	0.002	-20%	28500	$15,875,278
BEL	Bentley Capital Ltd	0.009	-18%	5658	$837,407
TEG	Triangle Energy Ltd	0.0025	-17%	1462961	$6,267,702
AZL	Arizona Lithium Ltd	0.006	-14%	99500	$37,662,201
BYH	Bryah Resources Ltd	0.006	-14%	3000000	$6,789,675
SPX	Spenda Limited	0.006	-14%	125000	$32,306,508
GLL	Galilee Energy Ltd	0.008	-11%	100000	$6,364,736

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Top 10 at 11: Gold stocks lead ASX gains as spot price surges to five-week high