How the gold price is impacting these ASX gold shares

S&P/ASX 200 Index (ASX: XJO) gold shares have been lagging the wider index in 2021.

While the ASX 200 is up 5.2% year-to-date, the largest ASX gold shares are all in the red for the year.

Now there are numerous factors at play that determine a gold miner’s share price. These include management, debt levels, and any changes in their resource estimates, to name a few. Most of the major gold producers are also involved with other precious metals, like copper and silver.

With that said, the price of the yellow metal they dig from the ground is a key element in determining what investors are willing to pay for gold producers’ shares.

What’s happening with the gold price?

On 1 January this year, an ounce of gold was worth US$1,899…