Evolution Mining Ltd (EVN.AU) saw its shares soar 6.87% during intraday trading on Thursday, reflecting a broader rally in Australian gold miners.
The surge was driven by a sharp rise in gold bullion prices, which benefited from falling Treasury yields and renewed optimism over potential progress in easing geopolitical tensions around the Strait of Hormuz. As a major gold producer, Evolution Mining's stock is highly sensitive to movements in the price of gold, and the day's gains echoed the strong performance of the sector.
The sub-index of Australian gold miners climbed as much as 6.2%, reaching its highest level since mid-June, with Evolution Mining among the top performers.
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