Market Mover | Australian gold stocks surge as gold prices hit record high

The ASX 200 gold stocks are experiencing a strong run today, closely tied to the overnight surge in gold prices. This is largely attributed to the fact that global interest rates are finally coming down, as bullion typically performs better in low and falling interest rate environments. On Thursday, the European Central Bank (ECB) cut the Eurozone's official interest rate by 0.25% for the second time this year, now standing at 3.50%. Additionally, the recent US inflation and unemployment data have further strengthened the prospects of a Federal Reserve rate cut in the coming week.