ASX gold stocks have crashed 30% since conflict in the Middle East ramped up earlier this month.
Even geopolitical uncertainty and concerns about an economic downturn hasn't driven investors to what was once considered a safe-haven asset.
According to CNBC, the gold futures price spiked close to an all-time high of US$5,242 per ounce in early March. But the outbreak of the Iran war, a stronger US dollar, and interest rate hike concerns have weighed heavily on the gold price.
On Monday, the gold price sank to US$4,407 per ounce, and while it has recovered some losses at the time of writing, it's still significantly lower than just three weeks ago.
Naturally, the downward price pressure of gold has seen ASX 200 gold stocks shed some of their value this month amid weakened demand.
But after strong price rallies, some ASX gold stocks are still trading significantly higher than this time last year.
Take Resolute Mining Ltd (ASX: RSG) for example.
The ASX 200 gold stock is 5.2% higher at the time of writing, and changing hands for $1.32 a piece.
Over the past month, the gold producer's share price has tumbled 10.5%, but for the year to date, its value is still up 5.8%, and it is currently trading a whopping 198.2% higher than this time just 12 months ago.
That annual increase puts it as the fourth best performer on the S&P/ASX 200 Index (ASX: XJO) over the past year.
Image source: Getty Images
What drove Resolute Mining's shares higher?
Resolute Mining is an Australian-listed gold producer with operations in West Africa, including the Syama mine in Mali, and the Mako operation in Senegal. The ASX gold stock joined the ASX 200 Index in November.
The company's shares shot higher over the past 12 months on the back of record-high gold prices, feasibility milestones, and a significant increase in the company's gold production figures.
Late last year, the gold producer's updated feasibility work at its Doropo gold project in Cote d'Ivoire revealed a larger project scope than expected. This could lift Resolute's long-term production profile once approvals and funding are in place.
In January, it posted a fourth-quarter update which revealed a 10% quarter-on-quarter increase in gold production, a 26% increase in operating cash flow, and a 31% decline in capital expenditure.
Resolute Mining said it expects production of 250,000 to 275,000 ounces of gold at an all-in sustaining cost (AISC) of $2,000 to $2,200 per ounce in 2026. That's much higher than the 277,236 ounces at an AISC of $1,843 per ounce in 2025.
What do analysts expect next from the ASX gold stock?
Despite the latest share price dip, analysts are incredibly bullish about the outlook for the ASX 200 gold miner over the next 12 months.
TradingView data shows that all seven analysts have a buy or strong buy rating on the gold producer's shares. The average target price is $2.17, which implies a 67% upside at the time of writing. Although some think the share price could rocket another 121% higher to $2.88 over the next 12 months.
