Gold has delivered a stunning performance in 2025.
The precious metal started the year trading at about US$2,600 per ounce.
Since then, the gold price has reached new records on more than 50 occasions, including a fresh all-time high on Monday.
Overall, bullion prices have now shot up by close to 70% since early January, climbing to more than US$4,440 per ounce at the time of writing.
This compares with a 6.77% gain for the All Ordinaries Index (ASX: XAO) across the same period.
Not only that, but several major investment banks believe the rally may still have further to run in 2026.
For example, Goldman Sachs Group Inc (NYSE: GS) has set a year-end 2026 gold price target of US$4,900 per ounce.
In addition, analysts at the American bank believe that further "significant upside" to this forecast is possible.
Similarly, analysts at JPMorgan Chase & Co (NYSE: JPM) and Bank of America Corp (NYSE: BAC) believe bullion could hit US$5,000 per ounce in 2026.
This bullish outlook has already proven a windfall for several ASX 200 mining stocks with gold production central to their operations.
Below, we present three such ASX 200 mining stocks that have been riding the gravy train in 2025 as the gold price exploded.
More specifically, the companies below have already seen their respective share prices more than double since the start of January.
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Newmont Corporation CDI (ASX: NEM)
As the world's biggest gold producer, Newmont needs little introduction.
The company operates a vast portfolio of gold mines scattered across Africa, Australia, Latin America, North America, and Papua New Guinea.
This ASX 200 mining stock produced more than 3.3 million ounces of the precious yellow metal just in the first half of 2025.
So far this year, Newmont shares have rocketed by 161%.
Evolution Mining Ltd (ASX: EVN)
Evolution Mining has delivered an even stronger performance.
The company is an established gold and copper producer with six mines across Australia and Canada.
Overall, it churned out 751,000 ounces of gold in FY25.
Shares in this ASX 200 mining stock have ballooned by 167% since early January.
Genesis Minerals Ltd (ASX: GMD)
The standout performer in 2025, however, has been Genesis Minerals.
The company operates several gold mines in Western Australia's Leonora District, which collectively produced more than 210,000 ounces of gold in FY25.
However, the group expects output of between 260,000 and 290,000 ounces in FY26.
Genesis shares have soared by 192% since the start of the year.
