S&P/ASX 200 Index (ASX: XJO) gold shares, including Northern Star Resources Ltd (ASX: NST) and Newmont Corp (ASX: NEM) shares absolutely shot the lights out in 2025.
And I think the top Aussie gold miners are well-placed to deliver another year of strong outperformance in 2026.
We'll take a look at what the year ahead may bring in a tick.
But first…
What's been sending ASX 200 gold shares rocketing?
Atop their own mining and exploration successes, the big Aussie gold stocks have enjoyed strong tailwinds from a rocketing gold price.
On Thursday, gold was trading near its all-time highs at US$4,627 per ounce. This sees the gold price is up a whopping 72% over the last 12 months.
Over those 12 months, the ASX 200 has gained 7.7%.
Here's how these leading ASX 200 gold shares have performed over this period as at market close yesterday:
- Newmont shares are up 161.4%
- Northern Star shares are up 57.6%
- Ramelius Resources Ltd (ASX: RMS) shares are up 105.4%
- Evolution Mining Ltd (ASX: EVN) shares are up 142.7%
- Bellevue Gold Ltd (ASX: BGL) shares are up 53.4%
- Genesis Minerals Ltd (ASX: GMD) shares are up 168.1%
- Perseus Mining Ltd (ASX: PRU) shares are up 117.3%
- Vault Minerals Ltd (ASX: VAU) shares are up 155.4%
- Westgold Resources Ltd (ASX: WGX) shares are up151.7%
- Ora Banda Mining Ltd (ASX: OBM) shares are up 108.1%
Why Newmont and Northern Star shares can outshine again in 2026
You're unlikely to find any investors complaining about the past 12 months performance delivered by the above gold miners.
And amid growing analyst consensus that gold's bull run is far from over, I think ASX 200 gold shares including Evolution Mining, Northern Star and Newmont should deliver another year of outsized gains in 2026.
"Unlike [surging] equity indices or AI stocks … the dynamics driving the gold price are driven by fear, not greed," Webull Securities Australia CEO Rob Talevski said.
According to Talevski:
This fear and greed dichotomy characterises the nature of financial market dynamics today: private investors are chasing returns fuelled by favourable US politics for capital markets, driving the top end of equity indices to new highs; at the same time, central banks as well as global macro investors are expanding allocations to gold, given the potential fallout associated with a breakdown between Wall Street and Main Street, as well as central bank independence.
Talevski concluded, "The global-uncertainty dynamics that prompted these trends toward the end of 2025 have only risen in 2026, creating a perfect storm for ongoing gold demand."
And he's far from alone on his bullish assessment on the gold price outlook.
Sebastian Mullins, head of multi-asset and fixed income at Schroders, noted (quoted by The Australian Financial Review):
Gold is benefiting from continued worries over currency debasement along with rising geopolitical risk. In the US, Trump continues to pressure the Federal Reserve … at the same time, geopolitical uncertainty in both Venezuela and now Iran are causing further demand for the safe haven.
And in what would be welcome news for ASX 200 gold shares, the analysts at Global X expect the gold price will top US$5,000 per ounce in 2026.
According to Global X investment strategist Justin Lin:
We see gold as one of the most attractive investments of 2026. The key drivers of gold's strength are still in play. Central banks are set to continue purchasing gold, geopolitical risks remain elevated, and activity in exchange-traded funds is strong.
