S&P/ASX 200 Index (ASX: XJO) gold shares are lower on Thursday, with the S&P/ASX All Ords Gold Index (ASX: XGD) down 1.71%.
Meanwhile, the ASX 200 is also weaker, down 0.033% to 8,734.3 points at the time of writing.
The gold price soared over the past 18 months due to its safe-haven appeal amid geopolitical tensions and global trade uncertainties.
The commodity price hit a record US$3,500.05 per ounce on 22 April.
On Thursday, the gold price is $US3,391 per ounce, down 0.11% today and down 2% over the past month.
In new notes this month, top broker Macquarie identified three ASX 200 gold shares that their analysts have rated 'outperform' for FY26.
Let's check them out.
3 ASX 200 gold shares with more growth to come
Genesis Minerals Ltd (ASX: GMD)
Genesis Minerals shares are $4.11, down 0.24% on Thursday.
The gold producer was one of just nine ASX 200 shares to double in value in FY25.
Genesis is an Australian gold producer in the Goldfields region of Western Australia.
It owns the historical Gwalia mine and process plant in Leonora and the Mt Morgans mill in Laverton, as well as various satellite resources that feed into those two processing plants.
Last week, Macquarie maintained its outperform rating on Genesis Minerals.
While it reduced its 12-month price target to $5.50, down from $5.70, this still leaves a potential near-35% upside for investors.
The broker said:
GMD's 4QFY25 result softer on balance with production in line while AISC was higher and net cash were lower.
GMD is exploring staged mill expansions noting we already assume GMD does expand mill capacity from 4.4Mtpa to ~7Mtpa in time.
With guidance still to come we continue to forecast FY26 production 14% above GMD's 10-yr plan but with AISC also 14% higher.
Ora Banda Mining Ltd (ASX: OBM)
This ASX 200 gold share is currently 70 cents, down 2.11% at the time of writing.
Ora Banda owns the Davyhurst Gold Mine in the Eastern Goldfields of Western Australia.
Macquarie describes Davyhurst as "a turnaround story" since CEO and mining engineer, Luke Creagh, came on board in mid-2022.
Creagh's strategy was to pivot the company from open pit to underground operations.
The broker said Davyhurst is still ramping up and growing its underground output to a targeted production rate of ~150kozpa in FY26.
In a new note this month, Macquarie maintained its outperform rating on Ora Banda Mining shares.
The broker reduced its 12-month price target from $1.05 to 90 cents, which still implies a potential near-30% upside from here.
The broker explained:
FY26 guidance missed on AISC (partly due to 'toll treating' costs) and total capex while production was in line.
A mill expansion to ~3Mtpa could be accretive, but we await more clarity on ore sources which could come via the large FY26 drill spend.
Ora Banda's FY26 production guidance is 140-155 koz at an all-in sustaining cost (AISC) of $2,800 to $2,900 per ounce.
Ramelius Resources Ltd (ASX: RMS)
This ASX 200 gold share is currently trading at $2.72, down 2.16%.
Ramelius Resources has multiple mining operations in Western Australia and two processing centres at Mt Magnet and Edna May.
Ramelius completed its takeover of Spartan Resources Ltd (ASX: SPR) this week.
Macquarie has an outperform rating on this ASX gold mining share and has raised its price target from $2.60 to $3.10.
This implies a potential near-15% upside for investors.
Ramelius revealed strong preliminary full-year FY25 results earlier this month.
Full-year gold production was 301,664 ounces, ahead of its guidance range of 290,000 ounces to 300,000 ounces.
Ramelius also expects its AISC to be at the lower end of its guidance range of $1,550 to $1,650 per ounce.
Macquarie commented:
The 4QFY25 production result beat RMS' own expectations (which we were anchored to) and continued to demonstrate strong cash generation.
In the near term our valuation relies on completion of the SPR deal and key study results.
