The gold price has been out of control in 2025, breaking record after record thanks to insatiable demand.
This saw the spot price of the precious metal almost hit US$4,400 an ounce overnight.
Commenting on gold's impressive run, the broker said:
The gold price has risen 58% YTD and 29/24% over the past 6/3-months to a nominal and real record of +US$4,200/oz. Tailwinds for the metal have come from Trump-driven trade wars, Middle-Eastern and European conflicts, US fiscal sustainability worries, US Fed independence worries and US stagflation concerns, coupled with US$ weakening. As would be expected, gold-exposed equities have reacted positively with the S&P ASX Gold Sub-index up 109% YTD and up 23% over the past month.
While many ASX gold stocks have rallied strongly this year in response to the rise, it isn't necessarily too late to invest in the sector.
In fact, the team at Macquarie Group Ltd (ASX: MQG) has just named a number of stocks to buy if you want exposure to the surging gold price. Let's look at them:
Bellevue Gold Ltd (ASX: BGL)
Gold miner Bellevue Gold could be one to buy according to Macquarie. It has put an outperform rating and $1.70 price target on its shares. Based on its current share price of $1.32, this implies potential upside of 29% for investors over the next 12 months.
Genesis Minerals Ltd (ASX: GMD)
Another miner that gets the thumbs up from the broker is the Leonora District-focused Genesis Minerals. According to the note, Macquarie has an outperform rating and $8.00 price target on its shares. Based on its latest share price is $6.65, this suggests that upside of 20% is possible between now and this time next year.
Newmont Corporation (ASX: NEM)
Macquarie is also bullish on gold giant Newmont. However, the potential upside on offer here isn't as great as elsewhere. It has an outperform rating and $153.00 price target on its shares. This is 5.5% above its current share price.
Vault Minerals Ltd (ASX: VAU)
Gold miner Vault Minerals could be a good way to gain exposure to the gold price according to the broker. It has put an outperform rating and $1.00 price target on its shares. Based on its current share price of 76 cents, this implies potential upside of approximately 31% over the next 12 months. Macquarie commented: "VAU remains a top pick with FCF set to triple for FY27-29E from FY26 levels."
