Top 10 ASX Gold Stocks to Watch in 2025

Gold has long been a trusted investment for Australians seeking to protect their wealth. With inflation concerns and global demand, it remains a reliable asset. As one of the world's top gold producers, Australia has strong mining operations, and the ASX offers several high-performing gold stocks. Investing in these stocks allows local investors to benefit from the country’s rich gold reserves and well-established mining industry.

In this article, we will explore the 10 best ASX gold stocks to watch in 2025, along with insights into the gold market, investment strategies, and how to buy gold stocks in Australia. If you're considering adding gold stocks to your portfolio, this guide is a great place to start.

What is the price of gold in Australia?

Gold prices have been on a steady upward trajectory, repeatedly reaching new record highs as President Donald Trump escalated his global tariff conflict. On April 11, the value of gold soared to an all-time high of $3,245.28 (5,081.84 AUD) per ounce, marking a 23% increase since the beginning of the year—making it the top-performing asset class so far.

The recent surge in gold prices in Australia can be attributed to several key factors:

1. Geopolitical tensions: Growing conflicts around the world, especially in the Middle East, have made things more uncertain. Gold's demand and price rise as a result of investors moving toward safe-haven assets due to geopolitical unrest.

2. Weakening US dollar: The depreciation of the US dollar makes gold more affordable for investors using other currencies, thereby boosting global demand and elevating prices.

3. Inflation concerns: Persistent inflation has led investors to seek assets that can preserve value over time, such as gold, thereby driving up its price.

4. Central bank purchases: In an effort to diversify their holdings and lessen their dependency on the US currency, central banks all over the world have been boosting their gold reserves, which has raised the price of gold.

5. Trade policies and tariffs: Uncertainties arising from trade policies and tariffs, particularly those affecting major economies, have spurred investors to flock to gold as a protective measure against potential economic downturns.

Is it a good idea to invest in gold?

For many individuals, gold investing can be a wise choice, particularly in uncertain economic times. Because gold tends to keep its value or even rise in price while other investments, such as stocks or bonds, are underperforming, it is frequently referred to as a "safe-haven" asset.

Gold also acts as a hedge against inflation, as its value often rises when the purchasing power of fiat currencies declines. For Australian investors, gold is particularly appealing because Australia is one of the world’s largest gold producers, providing access to a robust local industry.

However, like any investment, gold comes with its own set of risks. Its price can be volatile in the short term, and it doesn’t generate income like dividends or interest.

Here, we will introduce some common ways to invest in gold for Australian investors.

Physical gold (bullion and coins): Purchasing physical gold provides direct ownership. Investors can buy gold bars or coins from reputable dealers or mints. However, this method requires secure storage and insurance.

Gold stocks: Investing in gold mining companies listed on the ASX is a popular way to gain exposure to gold. When gold prices rise, these companies often see increased profitability, which can drive their stock prices higher. Examples include Newcrest Mining (NCM) and Northern Star Resources (NST).

Gold exchange-traded funds (ETFs): ETFs offer exposure to gold prices without the need to hold physical gold. These funds track the price of gold and can be bought and sold like stocks on the ASX. They provide liquidity and eliminate storage concerns but may involve management fees.

Gold futures and options: These are more advanced investment tools that allow you to speculate on the future price of gold. They are best suited for experienced investors due to their complexity and higher risk.

Investing in gold can be a good idea if you’re looking to diversify your portfolio, protect against inflation, or hedge against economic uncertainty. However, it’s essential to choose the right method of investment based on your goals and risk appetite. Whether you prefer the tangibility of physical gold, the growth potential of gold stocks, or the convenience of gold ETFs, there are plenty of options for Australian investors to explore.

Top 10 ASX gold stocks to watch in 2025

Investing in gold stocks remains a popular and strategic way to gain exposure to gold for Australian investors. The good news is that the ASX hosts numerous gold mining companies, offering a range of opportunities for both seasoned and novice investors.

Identifying the best gold stocks on the ASX can be pivotal in capitalizing on the gold market's performance. In this section, we highlight the top 10 ASX gold stocks to watch in 2025, providing insights to guide your investment decisions.

1. Northern Star Resources Ltd (ASX: NST)

Northern Star Resources is a prominent Australian gold producer with operations across Western Australia and Alaska. The company focuses on shareholder returns through operational excellence and strategic acquisitions. As of March 2025, Northern Star's market capitalization stands at approximately $20.32 billion, reflecting its significant position in the gold mining industry.

2. Genesis Minerals Ltd (ASX: GMD)

Genesis Minerals Ltd is a Western Australia-based gold producer with strong growth potential. Analysts at Bell Potter highlight its expanding production and declining costs, making it one of the best ASX gold stocks for 2025. GMD plans to increase gold output from 135koz in FY24 to 325koz by FY29 and 350koz by FY34, with a long-term target of 400koz. For FY25, it forecasts 190koz to 210koz, a nearly 50% rise from FY24, supported by the restart of the Laverton Gold Processing Plant.

3. Gold Road Resources Ltd (ASX: GOR)

Gold Road Resources is known for its 50% ownership of the Gruyere Gold Mine in Western Australia, a joint venture with Gold Fields Ltd. The Gruyere operation has achieved consistent production, contributing to Gold Road's robust financial performance. The company's market capitalization is approximately $2.62 billion as of March 2025.

4. Santana Minerals Ltd (ASX: SMI)

Santana Minerals Ltd (ASX: SMI) is a gold exploration and development company focused on the Bendigo-Ophir Gold Project (BOGP) in New Zealand. The project boasts a high-grade ore reserve of 1.2Moz at 2.4g/t Au, making it one of the most attractive gold development projects on the ASX. With low operating costs, conventional mining methods, and an initial 10-year mine life, Santana Minerals presents a compelling investment opportunity.

5. Evolution Mining Ltd (ASX: EVN)

Evolution Mining is one of Australia's leading gold mining companies, operating five wholly-owned mines across New South Wales, Queensland, and Western Australia. The company's market capitalization is approximately $13.33 billion as of March 2025.

6. Perseus Mining Ltd (ASX: PRU)

Three gold mines are run by Perseus Mining: Sissingué and Yaouré in Côte d'Ivoire, and Edikan in Ghana. The company has achieved consistent production growth, with a market capitalization of approximately $4.28 billion and a current share price of $3.12 as of early 2025. Perseus continues to focus on operational efficiency and expanding its resource base in West Africa.

7. Capricorn Metals Ltd (ASX: CMM)

Capricorn Metals is a gold mining company focused on the Karlawinda Gold Project in Western Australia. The project has successfully transitioned into production, with Capricorn achieving steady-state operations and aiming to produce approximately 110,000 to 125,000 ounces of gold annually. The company's strategic focus on cost-effective production has positioned it well in the mid-tier gold producer segment.

8. Westgold Resources Ltd (ASX: WGX)

Westgold Resources is a Western Australian gold producer with multiple mining operations in the Murchison region. The company focuses on sustainable and efficient mining practices to maximize shareholder value. Westgold's diversified asset portfolio and strategic initiatives aim to enhance production and operational efficiency.

9. Newmont Corporation (ASX: NEM)

Newmont Corporation is a leading global gold mining company with operations in Australia, including the Boddington and Tanami mines. The company's Australian assets contribute significantly to its global production profile. Newmont's commitment to sustainability and operational excellence has solidified its position as a top-tier gold producer on the ASX.

10. Ramelius Resources Ltd (ASX: RMS)

Ramelius Resources is an Australian gold producer with operations in Western Australia. The company has recently made a $2.4 billion bid to acquire Spartan Resources, aiming to create the largest mid-tier pure-play gold producer on the ASX. The company's market capitalization is approximately $2.52 billion and a current share price of $2.18 as of March 2025.

*The company's share price, market capitalization, and other key metrics may fluctuate over time due to market conditions. For the most up-to-date information, we recommend visiting the ASX website or checking the moomoo platform.

How to buy gold stocks in Australia?

Now, you might be interested in how to invest in gold stocks? To buy or sell any stocks in Australia, you need to first set up an account with a stockbroker or a share trading platform, and using moomoo is an option. Here is a step-by-step guide on how to invest in gold stocks using moomoo:

Step 1: opening an account

To begin, you can go to the official moomoo website to set up an account by entering the required personal information as instructed.

Step 2: Funding your account

After signing into your account, navigate to the "Deposit" section and follow the provided steps to select a preferred payment method, such as a bank transfer. Carefully follow the instructions to complete the transaction, ensuring that the funds are successfully credited to your moomoo account.

Step 3: Placing an order for gold stocks

• Use moomoo to search for your chosen gold stock or ETF by entering its ticker symbol or name.

• Review the stock's current price, performance charts, and relevant news.

• Decide on the number of shares you wish to purchase and select the order type (e.g., market or limit order).

• Confirm and submit your order through the platform.

Step 4: Monitoring & managing your investment

• Regularly review your gold stock holdings using moomoo's portfolio tracking tools.

• Stay informed about market trends, company performance, and gold price movements to make informed decisions about holding, buying more, or selling your shares.

With moomoo's advanced tools and features, you can efficiently invest in ASX gold stocks and take advantage of potential growth opportunities. However, it's essential to conduct thorough research and, if needed, consult a professional to ensure your investment decisions align with your financial goals.

Benefits and risks of investing in gold stocks

Investing in gold stocks can be an attractive way for investors to gain exposure to the gold market without directly purchasing physical gold. These stocks often provide opportunities for capital appreciation, liquidity, and leverage on rising gold prices.

However, like any investment, gold stocks come with risks, including market volatility, regulatory challenges, and company-specific operational factors. Understanding both the advantages and potential downsides can help investors make informed decisions when adding gold stocks to their portfolios.

Benefits of investing in gold stocks

• Leverage on gold prices: When gold prices increase, mining companies can experience even higher gains due to their role in production.

• Capital appreciation: Rising gold prices can lead to increased profitability for mining companies, potentially resulting in substantial capital gains for investors.

• Higher liquidity: Unlike physical gold, which requires storage and transportation, gold mining stocks are easier to buy and sell in the market.

Risks of investing in gold stocks

• Operational risks: Factors such as production costs, labor disputes, and geopolitical tensions can impact a mining company’s profitability, independent of gold price movements.

• Regulatory challenges: Mining operations are often spread across various regions, each with different regulatory requirements, making it complex to track compliance and legal risks.

• Uncertain correlation to gold prices: While gold prices may rise, there is no certainty that mining stocks will follow suit, as their performance depends on broader business operations and external factors.

Final thoughts on ASX gold stocks

Investing in gold stocks is a popular strategy among Australian investors seeking to diversify their portfolios and hedge against economic uncertainties. By purchasing shares in gold mining companies or gold-focused exchange-traded funds (ETFs), investors can gain exposure to the gold market without the complexities of owning physical gold. This approach offers potential for capital appreciation alongside the inherent value of gold.

Before investing in gold stocks, it’s important to consider both the potential rewards and risks. Factors such as market conditions, global demand for gold, and company performance can all impact share prices. Using trading platforms like moomoo can help investors track stock movements, research companies, and manage their investments with ease. As always, conducting thorough research and seeking professional financial advice can help you make informed decisions when adding ASX gold stocks to your portfolio.

FAQs about ASX gold stocks

1. Is gold stock expected to rise?

The future performance of gold stocks depends on several key factors, including gold prices, market demand, and economic conditions. Historically, gold prices tend to rise during periods of economic uncertainty, inflation, or geopolitical instability, which can positively impact gold mining stocks.

In Australia, strong global demand for gold and the country's position as a leading gold producer support the long-term outlook for ASX gold stocks. Additionally, central bank policies, interest rates, and currency fluctuations can influence gold prices and, in turn, gold-related stocks. However, individual stock performance varies based on company operations, production costs, and management decisions.

2. What is the biggest gold mining company in Australia?

The largest gold mining company in Australia is Newcrest Mining Limited. It is one of the world's top gold producers and operates several major mines in Australia, including Cadia Valley Operations in New South Wales and Telfer in Western Australia. Newcrest is known for its significant gold and copper production and has a strong presence in the global mining industry.

As of 2023, Newcrest has been acquired by Newmont Corporation, a U.S.-based mining giant, making Newmont one of the largest gold producers globally, with a significant footprint in Australia.

*Disclaimer

This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information having regard to your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty as to its adequacy, completeness, accuracy or timeline for any particular purpose of the above content. Moomoo is a financial information and trading app offered by Moomoo Technologies Inc. In Australia, financial products and services available through the moomoo app are provided by Moomoo Securities Australia Ltd, an Australian Financial Services Licensee (AFSL No. 224663) regulated by the Australian Securities and Investment Commission (ASIC). Please read and understand our Financial Services Guide, Terms and Conditions, Privacy Policy and other disclosure documents which are available on our website https://www.moomoo.com/au.