Top 5 ASX gold shares to watch in 2025

What are gold shares?

Gold shares are the stocks of publicly listed companies involved in the mining and production of the precious metal. 

There are different ways for traders to access gold markets; they can physically buy it in bullion or jewellery, trade it via exchange-traded funds (ETFs) or buy the stocks of companies involved in its production. 

For the purposes of this article, we’ll be talking about CFD trading or share trading the stocks of ASX-listed companies involved in gold mining.

About gold shares

As one of the world's oldest forms of money, gold has been a highly popular means for people to amass and safeguard their wealth for thousands of years.

Unlike other metals, gold doesn’t rust or corrode, making it an ideal substance to serve as a long-term storehouse of wealth. It’s also prized for its beauty and malleability, lending itself to the creation of jewellery and ornamental items in many places around the world since antiquity.

In the modern era, gold has also found a range of industrial applications, mainly in electronics manufacturing. It’s resistant to corrosion and a highly efficient conductor, making it an excellent material for fine wiring in electronic devices, which can range from smartphones to desktop computers.

In the realm of finance and money, gold continues to retain a strong appeal in the modern era.

Until the 1970s, it served as the basis for the statutory currencies issued by the world's advanced economies.

Advocates of gold share trading favour the precious metal because of its finite supply. They claim that its scarcity makes it a safe-haven investment during inflationary episodes that can erode the wealth of other types of assets.

Gold is also appealing because of its nature as a tangible substance that people can physically handle and store, providing many share traders with a great sense of reassurance. This advantage also creates challenges, however, as ownership of large amounts of gold requires the use of physical storage locations with strict security measures to prevent theft.

For this reason, equities are an effective means for gold-inclined share traders to gain exposure to the precious metal. Instead of buying and holding physical gold themselves, traders can acquire stakes in gold-producing companies to reap the potential benefits of any appreciation in the precious metal's value.

Given the tremendous wealth of its mineral deposits and the scale and sophistication of its mining sector, Australia is home to a variety of listed companies in the gold sector. Our country is the third-largest gold producer in the world,¹ and there are plenty of opportunities for traders to sink their teeth into.

Following Trump’s tariff announcements in 2025, the gold price has risen more than 40% over the past year.²

Risks of trading ASX gold shares

While gold is seen as a safe-haven investment, it does come with potential risks, like: 

• Volatility: like all commodities, the gold price is largely determined by supply and demand. While it’s on a bullish run at the moment, it could turn at any time, so be sure to manage your risk adequately. In fact, many economists believe the gold bubble could burst after having risen so rapidly
• Cost and operational risks: when you’re share trading gold stocks, costs and operational concerns are a risk; weather and other phenomena could affect mining and production, which could bring a company’s share price down
• Regulatory risks: as mining evolves, so do the regulations and laws surrounding it. It’s a good idea to keep an eye on companies that follow local laws and maintain sustainable mining practices

Top 5 ASX gold shares to watch

Gold shares can be volatile, which is why we’ve chosen the five biggest ASX-listed gold stock companies by market cap – to mitigate some of the unpredictable behaviour of gold shares. However, be aware that no stock is guaranteed to grow, and you always stand to lose your investment.

Overview of the shares in this article 

All the shares on our list can be share traded by buying the stocks themselves with an IG share trading account, or via CFD trading, where you speculate on the direction you think the market will move. 

1. Newmont Mining Corporation (ASX: NEM)

 
Market cap: A$110.01 billion³

Newmont is one of the largest mining companies globally, with operations spanning the Americas, the Caribbean, Asia Pacific and Africa.

In Australia, Newmont operates three significant mines: Boddington, Cadia, and Tanami. Located in Western Australia, Boddington is expected to increase production in 2026 despite a lower yield in 2024. Cadia is notable for producing gold doré bars, with a gold content between 50% and 70%. Meanwhile, Tanami is undergoing major expansions, ensuring its operations will continue until at least 2040.

Highlights

• In its July 2025 quarterly update, Newmont announced it delivered 1.5 million ounces of gold in Q2 2025⁴
• It’s on track to meet its gold production goals of 5.6 million ounces in 2025⁵
• It’s also en route to deliver an adjusted EBITDA of A$3 billion in 2025⁶

2. Northern Star Resources Limited (ASX: NST)

 
Market cap: A$22.57 billion⁷

Northern Star has three major operations – Kalgoorlie and Yandal mines in Western Australia, and the Pogo production centre in Alaska, US.

Notably, in April of this year, Northern Star ticked the last legal checkbox to acquire De Grey Mining and its large-scale Hemi gold project in Pilbara, which will further serve to strengthen its market share and its attractiveness to share traders. 

In its latest quarterly earnings report, Northern Star shared that it had the highest free cash flow in the company’s history of A$536 million.⁸

Highlights:

• The quarterly report states that 444,034 ounces of gold was sold at an all-in sustaining cost (AISC) of A$2,197/ounce⁹
• For its FY26 outlook, it expects to sell between 1,700koz and 1,850koz of gold¹⁰
• Exploration expenses for FY26 are expected to be around A$225 million¹¹

3. Evolution Mining Limited (ASX: EVN)

 
Market cap: A$14.62 billion¹²

Evolution Mining holds five mines across Australia, along with one in Ontario, Canada (Red Lake), specialising in gold and copper mining. The Australian mines are Cowal, Northparkes, Mt Rawdon, Ernest Henry and Mungari.

In July 2025, it started an extension plan for its Cowal gold mine in New South Wales that will carry the location through to 2042. The project will cost an estimated A$430 million, but will see an expected rate of return of around 34%.¹³

According to its latest quarterly update, the company hit record quarterly and annual cash flows of A$308 million and A$787 million, respectively.¹⁴

Highlights:

• Record Group cash flow during the quarter, increasing by 49%¹⁵
• The company’s debt has steadily declined over the past two years, from A$1,638 million in December 2023 to A$849 million in June 2025¹⁶

4. Perseus Mining Limited (ASX: PRU)

 
Market cap: A$4.82 billion¹⁷

Operating three mines across Ghana and Côte d'Ivoire, and owning a 70% stake in another one in Sudan (among others), Perseus Mining is highly focused on responsible mining, delivering long-term growth in developing countries with solid returns for shareholders.

In FY24, Perseus Mining made some significant contributions to the economies of its host countries – to the tune of US$735 million. 

It produces over 500,000 ounces of gold per year, and its latest quarterly report indicates it achieved an average gold sales figure of 131,242 ounces with a weighted average of US2$2,977 per ounce.¹⁸

Highlights:

• Over the next five years, the company aims to produce between 515,000 and 535,000 ounces of gold annually¹⁹
• At the end of the most recent quarter, the company reported zero debt and had US$300 million in available undrawn debt²⁰
• Perseus Mining has initiated a A$100 million share buyback, which is approximately 73% complete, suggesting that the company perceives its share price as undervalued²¹

5. Genesis Minerals Limited (ASX: GMD)

 
Market cap: A$4.43 billion²²

Another mining company operating in Western Australia, Genesis Minerals is mostly focused on the Leonora District. 

The company’s plans include increasing gold output from 135koz in FY24 to 325koz by FY25, with a longer-term target of 350koz by FY34.²³

In May 2025, it announced the acquisition of the Laverton project for A$250 million, which has added 4 million ounces in resources to its portfolio. This mine has previously produced around 3.6 million ounces of gold,²⁴ but Genesis Minerals believes there’s much more to gain from it.

The company has its ‘ASPIRE 400’ strategy, which aims to increase production rates sooner than currently forecast for the next 10 years. 

Highlights:

• According to its latest quarterly report, Genesis Mining stated it was on track for open-pit mining to start in September 2025 at the Jupiter project²⁵
• It made gold sales of 62,226 ounces at an average price of A$5,046/ounce, creating revenue of A$314 million²⁶

How to trade ASX gold shares with IG AU

CFDs

1. Open a CFD trading account with IG AU
2. Search for ASX gold shares on the IG platform
3. Decide whether to go long (buy) or short (sell)
4. Choose your position size
5. Set stop-loss and limit orders
6. Place your trade and monitor it

Share trading

1. Open a share trading account with IG AU
2. Search for ASX gold shares available for direct ownership
3. Choose the shares you want to buy
4. Determine how many shares you want to purchase
5. Place your order
6. Monitor your investment and collect any dividends

FAQs about gold shares 

Footnotes

1. Nasdaq, May 2025
2. BBC, May 2025
3. TradingView, July 2025
4. Newmont Mining quarterly report, July 2025
5. Newmont Mining quarterly report, July 2025
6. Newmont Mining quarterly report, July 2025
7. TradingView, July 2025
8. Northern Star quarterly report, June 2025
9. Northern Star quarterly report, June 2025
10. Northern Star quarterly report, June 2025
11. Northern Star quarterly report, June 2025
12. TradingView, July 2025
13. Nasdaq, May 2025
14. Evolution Mining quarterly report, June 2025
15. Evolution Mining quarterly report, June 2025
16. Evolution Mining quarterly report, June 2025
17. TradingView, July 2025
18. Perseus Mining quarterly report, June 2025
19. Perseus Mining quarterly report, June 2025
20. Perseus Mining quarterly report, June 2025
21. Perseus Mining quarterly report, June 2025
22. TradingView, July 2025
23. moomoo, July 2025
24. Mining Weekly, May 2025
25. Genesis Mining quarterly report, June 2025
26. Genesis Mining quarterly report, June 2025