Are you wanting exposure to the sky-high gold price? If you do, then it could be worth considering the five ASX gold stocks in this article.
That's because the team at Macquarie Group Ltd (ASX: MQG) is recommending them to clients this month. Let's see what the broker is saying about them:
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Which ASX gold stocks?
Firstly, Macquarie has been looking at the spot gold price. It highlights that current ASX gold stocks valuations would be very cheap if the price of gold were to remain at current levels for the long term. It explains:
Gold NAVs would nearly double under spot deck vs. MQe (+90% on average) with spot prices materially higher than our long-term price forecast of US$2,500/oz. TSRs for NST, GMD, and VAU (our current top picks) improve to ~125% in a spot run. We note our whole gold coverage would be making ~60% EBITDA margins (CY26) at spot.
For now, though, the broker still sees meaningful upside for a number of ASX gold miners based on its long term assumptions for the precious metal.
For example, for Northern Star Resources Ltd (ASX: NST) shares, it has an outperform rating and $30.00 price target on its shares. Based on its current share price of $26.40, this implies potential upside of almost 14% for investors over the next 12 months. The broker also expects a dividend yield of approximately 2% from its shares.
Macquarie has an outperform rating on Genesis Minerals Ltd (ASX: GMD) shares with a price target of $8.00. Based on its current share price of $6.24, this suggests that upside of 28% is possible between now and this time next year.
With a $1.00 price target and outperform rating, Macquarie also sees potential upside of 28% for Vault Minerals Ltd (ASX: VAU) shares.
Another ASX gold stock that could be cheap according to the broker is Bellevue Gold Ltd (ASX: BGL). It has an outperform rating and $1.70 price target on its shares. This suggests that upside of 36% is possible from current levels.
Finally, Macquarie has an outperform rating and $7.40 price target on Westgold Resources Ltd (ASX: WGX) shares. This would mean a return of approximately 28% for investors over the next 12 months based on its current share price.
Overall, Macquarie clearly sees plenty of opportunities for investors at this side of the market despite its strong gains in 2025.
