S&P/ASX All Ords Gold Index (ASX: XGD) shares soared 130% over the 12 months to the peak in March this year.
Since then, the index has tumbled almost 30% as investors sold off their ASX gold shares.
Today, the gold price is US$4,049 per ounce, well off its record high of US$5,589 per ounce on 28 January.
Amid this uninspiring picture, analysts say these ASX 200 gold shares are still good buys today.
Here's why.
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Capricorn Metals Ltd (ASX: CMM)
Capricorn Metals shares are up 2.8% to $13.15 today, and up 45% over 12 months.
Bell Potter reaffirmed its buy rating after the company released its June quarter report.
The broker increased its 12-month target on the ASX 200 gold share from $16.70 to $17.80.
This suggests a potential 35% upside ahead.
Analyst David Coates said:
CMM is a sector leading gold producer, unhedged and debt free. It is fully funded to grow production from ~120kozpa to +400kozpa from two gold mines in WA.
CMM is run by a management team that has an excellent track record of delivery.
Northern Star Resources Ltd (ASX: NST)
The Northern Star Resources share price is $20.43, up 2.6% today and up 26% over 12 months.
Morgans previously had a buy rating on the ASX 200 gold share but moved to an accumulate recommendation.
This followed the release of Northern Star's June quarter report.
The broker lowered its 12-month price target from $26 to $24.
This suggests a potential 17% upside ahead.
Morgans said:
Costs beat at all three production centres and FY26 volumes finished above revised guidance. We view the result as largely neutral.
FY27 guidance has been deferred to the 20 August FY26 result pending early KCGM Mill Expansion commissioning data.
Catalyst Metals Ltd (ASX: CYL)
The Catalyst Metals share price is $5.84, up 1.3% today and up 5.5% over 12 months.
Bell Potter reiterated its buy rating on the ASX 200 gold share after the miner's June quarter report.
The broker cut its 12-month price target from $14.60 to $13.25.
This implies a potential 126% upside ahead.
Analyst Todd Lewis said:
4QFY26 provided record production, costs below guidance and +A$54m cash.
FY27 production, cost guidance and strategy a significant near-term catalyst.
Perseus Mining Ltd (ASX: PRU)
Perseus Mining shares are $4.91, up 1.3% today and up 46% over 12 months.
Macquarie has an outperform rating on the ASX 200 gold share with a price target of $5.50.
This implies potential capital gains of 12% ahead.
Macquarie says Perseus Mining is cashed-up and should be able to deliver higher returns and growth at the same time.
In a new note following the miner's June quarter report, the broker said management was strengthening the balance sheet, providing flexibility to increase shareholder returns and invest in growth simultaneously.
Perseus Mining reported more than US$1 billion in net cash at 30 June.
The broker said:
We anticipate outsized returns, above the current buy-back program.
