ASX 200 gold shares have delivered exceptional returns for investors due to the soaring gold price over the past two years.
The gold price increased another 65% in 2025, its greatest annual rise in more than four decades, building on its 27% gain in 2024.
Strong central bank purchasing, lower interest rates, and less confidence in the US dollar as the reserve currency fuelled the rally.
A Goldman Sachs poll conducted in November found that one in three institutional investors expect gold to rise above US$5,000 per ounce this year.
Today, the gold price is US$4,665 per ounce, up 1.5% at the time of writing.
Gold reached a new closing record of US$4,678.29 per ounce yesterday after the US imposed tariffs on eight European countries.
The US did so to punish these nations' opposition to America's ambition to buy Greenland from Denmark for security purposes.
Warwick Grigor, an analyst at mining investment company Far East Capital, says gold has continuing tailwinds in 2026.
In an article, Grigor commented:
There is not much doubt that the gold price will continue to rise during 2026. Sure, there will be volatility and some people are already saying that gold is a sell, but you would have to be very brave to exit gold just now.
While ever the gold price is strong, sentiment in the resources sector will be positive and liquidity will be likewise strong.
With all this in mind, let's take a look at some new broker ratings on three of the largest ASX gold shares.
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Genesis Minerals Ltd (ASX: GMD)
The Genesis Minerals share price is $7.58, up 0.13% on Tuesday.
This ASX 200 gold share has risen by 163% over the past 12 months. It is the fourth largest gold miner on the market.
Bell Potter resumed coverage on Genesis Minerals shares this month.
The broker raised its rating from hold to buy and increased its 12-month price target to from $4.45 to $8.65.
This implies a potential upside of 14% for investors this year.
Bell Potter said:
We believe GMD to be a high-quality gold producer, expanding production underpinned by a large Mineral Resource portfolio (18.6Moz), into a rising gold price environment.
Management's disciplined approach to counter-cyclical growth has seen shareholders rewarded (12m rolling shareholder return – 194%).
Evolution Mining Ltd (ASX: EVN)
Evolution Mining had the best capital growth of all ASX 200 large-cap shares last year.
It is the ASX 200's second-largest gold miner.
On Tuesday, Evolution Mining shares are 0.8% lower at $13.42 apiece. They have risen 143% over the past year.
Last week, Goldman Sachs reiterated its sell rating on Evolution Mining shares.
The broker raised its share price target from $9.95 to $12.40.
This implies a potential downside of almost 8% in 2026.
Newmont Corporation CDI (ASX: NEM)
The Newmont Corporation share price is $170.89, down 0.44% today and up 155% over the past 12 months.
Goldman Sachs thinks the ASX 200's third largest gold mining share is a buy.
The broker reiterated its rating last week, and lifted its 12-month price target from $154.50 to $185.10.
This suggests a potential upside of 8% in 2026.
