ASX gold stocks rally with Newmont and Falcon Metals leading gains

Record rally

Physical gold continues to hold near record levels amid expectations of a interest rate cut from the United States (US) central bank this week, with geopolitical concerns driving demand for safe havens.

Spot prices have risen about 5% so far in September and are up around 40% so far in 2025, on pace for their best year since 1979.

Spot gold price vs. inflation-adjusted price chart

As this Bloomberg chart shows, in the latest surge, the precious metal surpasses its inflation-adjusted peak from more than four decades ago, when gold hit US$850 an ounce, extending a three-year rally fuelled by mounting concerns over the US economic outlook.

Analysts remain bullish on further upside for gold, with Goldman Sachs recently suggesting gold could top its most bullish peak of US$4500 an ounce if private investors continue to diversify into the metal alongside increased central bank buying.

Golden star

Newmont Corp (ASX:NEW)

The world’s largest gold miner, Newmont Corp, has risen an impressive 95% year-to-date, and shares remain in a strong bullish trend according to ASX Tradewatch data.

Newmont daily candlestick chart

However, there may not be too much further upside, with the average broker target at around $109 a share, suggesting they are around 8% overvalued.

Newmont Corp historical trends and price targets

Shining bright

At the smaller end of town, several other stocks are shining bright.

Falcon Metals (ASX:FAL)

Falcon Metals, a Victorian gold miner spun out of Chalice Mining, is up 670% year-to-date and soared in July following a high-grade gold intercept from its Blue Moon prospect in Victoria.

ASX Tradewatch data shows shares are in a strong bullish trend, with the 5-day moving average of the stock above the 50-day. Additionally, both the 20 and 200-day moving averages are trending higher.

Falcon Metals daily candlestick chart

Golden Horse Minerals (ASX:GHM)

Golden Horse Minerals shares are up more than 145% year-to-date and over the past 12 months.

It also delivered impressive drilling results recently at its Hopes Hill project in Western Australia. Shaw and Partners recommend it as a speculative 'buy'.

Golden Horse Minerals daily candlestick chart

Southern Cross Gold Consolidated (ASX:SX2)

Southern Cross Gold Consolidated has also been on a tear over the past 12 months, up more than 80%. 

Southern Cross Gold daily candlestick chart

Sentiment remains bullish, with the average broker recommendation a 'buy' according to Refinitiv.

Southern Cross Gold  historical trends and price targets

Catch a falling star?

Gold Road Resources (ASX:GOR)

Gold Road Resources may have hit a snag in its golden run, with shares falling at the start of the week amid news it has flagged lower production at its flagship mine, a week ahead of its planned takeover by South Africa’s Gold Fields.

Yet shares have risen more than 110% over the past 12 months.

Gold Road Resources daily candlestick chart