ASX 200 gold stocks charged higher yesterday after the gold price reached a three-week high above US$4,148 per ounce.
The S&P/ASX All Ordinaries Gold Index (ASX: XGD) closed 2.44% higher while the S&P/ASX All Ords Index (ASX: XAO) fell 0.12%.
Greater expectations of a US interest rate cut fuelled the commodity's surge, which sent ASX gold shares and ETFs soaring.
Several experts predict the gold price will rise further due to strong central bank purchasing and strengthening market investment.
America's biggest bank, JPMorgan and French bank Societe Generale SA say the gold price could exceed US$5,000 per ounce next year.
Goldman Sachs is tipping US$4,900 per ounce by the end of 2026.
If you're thinking of investing, here are some of the latest broker ratings on the four largest ASX 200 gold stocks by market capitalisation.
Image source: Getty Images
Northern Star Resources Ltd (ASX: NST)
The market's biggest ASX 200 gold stock, Northern Star Resources, closed 3.18% higher at $25.99 on Tuesday.
Morgans has an accumulate rating on Northern Star shares following a recent update from the miner.
The broker expects the Northern Star Resources share price to lift to $27.41 by this time next year.
NST delivered a softer (but well flagged) quarterly result with unit costs surprising to the upside despite lower than forecast ounce production.
FY26 guidance was reiterated, we expect production rates to continue to lift quarter on quarter.
Bell Potter retained its buy rating and $30 price target on the ASX 200 gold stock following the update.
Macquarie also reaffirmed its outperform rating and a $30 price target on Northern Star Resources shares.
Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price closed 1.71% higher at $11.27 yesterday.
Evolution released its September quarter figures last month.
Morgans said the miner delivered another solid quarter of cash flow generation despite weaker-than-expected production.
FY26 guidance reiterated, and EVN has now fully repaid all term debt and gearing is down to 11% (from 15%).
The broker maintained its trim rating on Evolution Mining and reduced its price target from $10.20 to $10 per share.
Newmont Corporation CDI (ASX: NEM)
The Newmont share price closed 4.33% higher at $136.52 on Tuesday.
Morgans maintained an accumulate rating on the ASX 200 gold stock following its 3Q FY25 results.
NEM delivered a solid 3Q25 result across all metrics underpinned by the strong gold price.
CY26 indicative guidance was slightly softer than expected due to mine sequencing, but this positions NEM for strong production and lower costs in subsequent years.
Morgans raised its 12-month share price target from $146 per share to $148 per share.
Macquarie is more cautious with a neutral rating and a share price target of $153.
NEM's 3Q was a beat on costs and cash flow, with the balance sheet returned to a neutral stance.
Indicated CY26 production is slightly lower than expected, opex in-line/flat, while some capex is delayed into CY26.
Toby Grimm from Baker Young has a sell rating on Newmont shares, suggesting investors take profits:
As much as the underlying drivers of record gold prices remain intact, including inflation, low interest rates and high levels of geopolitical tension, we view the recent spike as unsustainable in the longer term.
Genesis Minerals Ltd (ASX: GMD)
Genesis Minerals shares finished 2.82% higher at $6.20 yesterday.
Macquarie has an outperform rating on Genesis Minerals with a price target of $8 following the miner's recent update.
UBS also has a buy rating on the ASX 200 gold stock with a price target of $8.
