The S&P/ASX 200 Index (ASX: XJO) hit a fresh record high in afternoon trade on Wednesday. At the time of writing, the index is up 0.88% to 9,101.80 points. Some of the index's strongest performers have helped drive the market higher today, but there is one ASX stock in particular that I have my eye on.
Westgold Resources Ltd (ASX: WGX) shares have also reached an all-time high in afternoon trade today. The stock is 1.88% higher at the time of writing, trading at $7.845 per share.
The gold miner has enjoyed incredible momentum and is now one of the strongest performers on the ASX 200 index over the past year, delivering gains of 211.31%.
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What has driven the ASX stock price higher?
Westgold's share price has been pushed higher by a few tailwinds over the past 12 months.
Geopolitical uncertainty has seen investors flock to safe-haven assets, such as gold, so far in 2026. The repositioning has seen some sectors drop dramatically, while ASX gold stocks have soared.
Just this week, investors have been snapping up shares in Aussie gold miners amid concerns about US President Donald Trump's global tariff plans.
The upset around these planned "reciprocal traffics" has continued for over 12 months now. But fresh concerns have resurfaced this week after the US Supreme Court struck down Trump's earlier nation-by-nation tariffs as exceeding his authority.
Trump's new 10% global tariff came into effect yesterday. And his administration plans to hike it to 15% in an effort to rebuild its tariff agenda. Trump has also warned that higher tariffs could be imposed on countries that "play games" with recent trade agreements.
The soaring interest in gold has, in turn, sent the metal's price surging. Trading Economics data shows that the gold price spiked to an all-time high in late January, and while it has since cooled, it's still not far below that peak. Gold has risen to around $5,180 per ounce today.
So what can we expect next from the Westgold share price?
Analysts are very bullish on the outlook for the ASX stock this year, even after its latest share price surge.
TradingView data shows that all six analysts have a strong buy consensus on the stock. The average target price is $9.34, which implies an 18.4% upside at the time of writing. However, the maximum target price is $11.70, which translates to a potential 48.38% upside for investors.
