Australian gold stocks, tracked by the index AXGD, experienced an uptick as they climbed by nearly 4.6% to reach their highest level since September 18.
As an intensifying conflict in the Middle East triggered unease among investors, bullion prices escalated by 3% over the course of the preceding Friday.
As a result, investors turned to safe-haven assets, pushing up gold prices which were last noted to be up by 0.1%.
Newcrest Mining (ASX:NCM), a sector heavyweight, recorded a substantial leap of 4% peaking at A$27.050, the highest since July 27.
Newcrest Mining extended these gains from last week after its shareholders voted overwhelmingly in favor of accepting the A$26.2 billion buyout bid from global gold mining behemoth, Newmont Corp.
Moreover, Northern Star Resources (ASX:NST) marked a hike of nearly 4.8% peaking at A$11.580 which is again its highest since September 18.
The sub-index recorded its maximum intraday percentage gain since October 9.
Notably, AXGD has experienced an upward trend of 11% year-to-date until its last close.
Newcrest Mining is a global mining company specializing in gold, silver and copper.