ASX gold shares surged during 2025 as investors flocked to the safe-haven asset.
However, since the commodity price peaked in late January, it has declined significantly.
Along with it, many ASX gold shares have dropped too.
According to VanEck, this kind of movement is typical of similar geopolitical events.
Gold's March performance surprised many investors. Despite a sharp escalation in geopolitical tensions, gold prices pulled back after briefly retesting record highs. That kind of price action may seem counterintuitive, but it is not unusual in periods of crisis.
VanEck reinforced that gold and gold equities have come under pressure, but once the current period of volatility subsides, the same drivers that supported gold above US$5,000 remain in place.
With that in mind, here are three ASX gold shares generating positive outlooks from experts.
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Brightstar Resources Ltd (ASX: BTR)
Brightstar Resources is a gold development company. It is currently working on bringing its Sandstone and Goldfields projects in Western Australia into production.
Recently, the team at Canaccord Genuity placed a $2.40 price target on this ASX gold stock.
Analysts said its recent capital raise means the company should be "comfortably funded" through to first gold production.
From yesterday's closing price of $0.41, this price target indicates a big upside potential of more than 480%.
Saturn Metals Ltd (ASX: STN)
This ASX gold stock is primarily focused on its 100% owned Apollo Hill Gold Project, located in Western Australia.
The stock price has doubled over the last 12 months.
It is also drawing a positive outlook from Canaccord Genuity, driven by three shifts:
- Decades of management experience reduces risk
- WA offers ideal conditions
- Modern workflows assess heap leach viability earlier and more accurately
Subsequently, the broker has a speculative buy rating and a price target of $1 a share.
From yesterday's closing price of $0.56, this indicates a potential further gain of 78%.
Evolution Mining Ltd (ASX: EVN)
Evolution Mining is another ASX gold stock with upside, this time, according to the team at Bell Potter.
It is one of Australia's largest listed gold miners. The company engages in exploration, development, and production activities in both Australia and Canada.
The team at Bell Potter recently retained its buy rating on the ASX 200 gold stock with a price target of $16.45, following the company's quarterly report.
From yesterday's closing price of $14.45, this indicates a healthy 14% upside.
The broker is also forecasting an attractive 3.5% dividend yield over the period.
