S&P/ASX 200 Index (ASX: XJO) gold stocks have come under pressure since market close on 17 October, when many of them were trading at – or near – their all-time highs.
That selling pressure, as you're likely aware, has come as the gold price retraced from its own record high of US$4,381 per ounce notched on 19 October.
Gold has been on a record breaking run in 2025 as the stars aligned. Tailwinds driving the yellow metal higher include lower interest rates in most major economies; gold, which pays no yield itself, tends to perform better in a low or falling rate environment.
Gold's safe haven status has also led to a surge in demand for bullion amid ongoing geopolitical tensions and ramped up trade tensions between the United States and China.
Central bank buying has also continued apace at near record levels.
But with the gold price having raced higher, and the US and China taking a step back from the trade war, the gold price has retraced to US$3,966.57 per ounce at time of writing, sending most ASX 200 gold stocks lower.
Now the gold price is still up 51% year to date. But it's down almost 10% from the mid-October record highs.
How has this impacted ASX 200 gold stocks?
The S&P/ASX All Ordinaries Gold Index (ASX: XGD) – which also contains some smaller miners and explorers outside of ASX 200 gold stocks – remains up 86.8% in 2025. But the All Ords Gold Index is down 10.9% since 17 October.
As for some of the leading ASX 200 gold stocks:
- Northern Star Resources Ltd (ASX: NST) shares are up 57.6% year to date and down 6.6% since 17 October.
- Newmont Corp (ASX: NEM) shares are up 108.3% year to date and down 16.3% since 17 October.
- Ramelius Resources Ltd (ASX: RMS) shares are up 57.4% year to date and down 17.4% since 17 October.
- Evolution Mining Ltd (ASX: EVN) shares are up 118.3% year to date and down 9.5% since 17 October.
- Genesis Minerals Ltd (ASX: GMD) shares are up 137.3% year to date and down 13.6% since 17 October.
Which brings us back to our headline question.
Does this represent a good buying opportunity?
The future is, by definition, uncertain.
But many commodity analysts believe the recent retrace in the gold price is simply a necessary, and temporary, correction.
Which could make today an opportune time to buy the dip on ASX 200 golds stocks.
According to Saxo Bank's head of commodity strategy Ole Hansen (quoted by The Australian Financial Review):
Gold's pause still looks like a breather, not a breakdown. Seasonal softness, temporary Chinese policy noise, and a firmer [US] dollar explain the short-term retreat, but none change the longer-term narrative.
The same forces that fuelled this year's rally … are likely to reassert themselves, making the next meaningful leg higher a 2026 story.
Sebastian Mullins, head of multi-asset and fixed income at Schroders added, "The market has experienced a natural correction, but we continue to view this bull market as incomparable with prior bull markets in terms of the breadth and depth of demand."
And the analysts at Goldman Sachs still expect the gold price to top US$4,900 per ounce by December 2026. That's more than 23% above the current price, and it would certainly be welcome news to investors in ASX 200 gold stocks.
