These ASX 200 gold shares are gaining amid the rising gold price

Despite a recent downturn in the ASX 200, leading ASX gold producers are experiencing a surge in value. The overnight increase in the gold price, currently trading at US$1,984.00 (AU$3,067.41) per troy ounce, is providing favorable conditions for S&P/ASX 200 Index (ASX: XJO) gold shares.

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Performance of Top ASX 200 Gold Shares Today and Over the Past Month:

• Northern Star Resources Ltd (ASX: NST) shares are up 3.5% today and 3.9% in the last month.
• Regis Resources Ltd (ASX: RRL) shares have risen by 2.6% today and an impressive 11% in the past month.
• Evolution Mining Ltd (ASX: EVN) shares are up 5.1% today and have gained 9.4% in the last month.

Comparatively, the ASX 200 itself has experienced a 0.2% decline over the past month.

• Factors Driving Gold Price Surge: The gold price surge can be attributed to several factors, including geopolitical tensions and central banks' actions.
• Geopolitical Factors: Ongoing conflicts in the Middle East, particularly the recent Hamas terror attack on Israel, have enhanced gold's haven status. Since October 7, following the attack, gold prices have risen by 8.2%.
• Central Banks' Policies: The top global central banks signaling a slowdown in rapid interest rate increases, coupled with easing inflation, has strengthened gold's appeal. Amidst stable consumer price index (CPI) and falling producer price index (PPI) figures in the United States for October, gold prices continue to find support.
• Central Bank Buying: The World Gold Council's Q3 Gold Demand Trends report highlights robust central bank buying, maintaining a historic pace. With geopolitical tensions on the rise and expectations for continued central bank buying, gold demand is anticipated to exceed expectations.
• As the gold price remains resilient, ASX 200 gold shares are capitalizing on these favorable market conditions. The World Gold Council foresees potential upside surprises in gold demand, emphasizing the metal's enduring allure in times of uncertainty and shifting economic landscapes.

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