After a shaky week that ended with a significant drop on Friday, investors came back from the weekend with some pep in their steps today. After staying comfortably in green territory all session, the ASX 200 ended up closing 1.39% higher. That leaves the index at a flat 8,894 points.

This happy start to the Australian trading week followed a mixed conclusion to the American week on Friday night (our time).

The Dow Jones Industrial Average Index (DJX: .DJI) overcame some jitters to close 0.46% higher.

However, the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) went the other way, dropping down 0.64%.

But let's get back to this week and our local markets now and check out how today's gains filtered down into the various ASX sectors this session.

Winners and losers

Today's gains were almost universal, with only one sector missing out on a rise.

That unlucky sector (no prizes for guessing) was energy shares. The S&P/ASX 200 Energy Index (ASX: XEJ) was abandoned, crashing 2.99% lower.

It was a veritable party everywhere else, though.

Leading the celebrations were tech stocks, with the S&P/ASX 200 Information Technology Index (ASX: XIJ) rocketing 4.52% today.

Close behind that were gold shares. The All Ordinaries Gold Index (ASX: XGD) soared up a happy 3.89%.

Broader mining stocks didn't miss out either, illustrated by the S&P/ASX 200 Materials Index (ASX: XMJ)'s 2.42% surge.

Real estate investment trusts (REITs) also ran hot. The S&P/ASX 200 A-REIT Index (ASX: XPJ) roared up 1.68% this session.

Industrial stocks saw decent demand too, with the S&P/ASX 200 Industrials Index (ASX: XNJ) galloping 1.53% higher.

Healthcare shares lived up to their name this Monday. The S&P/ASX 200 Healthcare Index (ASX: XHJ) jumped 1.44% by the closing bell.

Communications stocks were right behind that, as you can tell from the S&P/ASX 200 Communication Services Index (ASX: XTJ)'s 1.41% leap.

Financial shares didn't miss out. The S&P/ASX 200 Financials Index (ASX: XFJ) advanced 1.19%.

Nor did consumer discretionary shares, with the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) increasing its value by 0.81%.

Its consumer staples counterpart held up. The S&P/ASX 200 Consumer Staples Index (ASX: XSJ) enjoyed a 0.68% lift today.

Finally, utilities shares staged a late recovery to get across the line, evident by the S&P/ASX 200 Utilities Index (ASX: XUJ)'s 0.4% bounce.

Top 10 ASX 200 shares countdown

Today's chart-topper was gold stock Capricorn Metals Ltd (ASX: CMM). Capricorn shares had a blowout, exploding 15.13% higher to finish at $13.70 each. Most gold stocks did well, but Capricorn was boosted further by some pleasing market updates, which we examined here.

Here's the rest of today's best: 

Our top 10 shares countdown is a recurring end-of-day summary that shows which companies made big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

This rather indecisive session for the Australian markets came after an even nastier end to the American trading week on Friday night (our time).

The Dow Jones Industrial Average Index (DJX: .DJI) had another tough session, dropping 0.77%.

The tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) fared even worse, falling a horrid 1.4%.

But let's get back to this week and our local markets, and take a closer look at what was happening across the different ASX sectors today.

Winners and losers

Tech shares were the sector that was singled out for punishment this Monday. The S&P/ASX 200 Information Technology Index (ASX: XIJ) was slammed, tumbling 1.54%.

Utilities stocks fared better, but the S&P/ASX 200 Utilities Index (ASX: XUJ) still tanked by 0.63%.

Healthcare shares were in a similar boat. The S&P/ASX 200 Healthcare Index (ASX: XHJ) saw its value dive 0.49% today.

Mining stocks weren't popular either, evident by the S&P/ASX 200 Materials Index (ASX: XMJ)'s 0.34% dip.

Gold stocks were also no safe haven. The All Ordinaries Gold Index (ASX: XGD) ended up sinking 0.23%.

Real estate investment trusts (REITs) followed right behind gold, with the S&P/ASX 200 A-REIT Index (ASX: XPJ) dipping 0.17%.

Our last losers this Monday were financial stocks. The S&P/ASX 200 Financials Index (ASX: XFJ) slipped 0.07% by the closing bell.

Let's turn to the winning sectors now. Leading the charge were energy stocks, illustrated by the S&P/ASX 200 Energy Index (ASX: XEJ)'s 1.8% surge.

Consumer staples stocks also ran hot. The S&P/ASX 200 Consumer Staples Index (ASX: XSJ) roared 0.43% higher this session.

Communications shares saw high demand too, with the S&P/ASX 200 Communication Services Index (ASX: XTJ) lifting 0.39%.

Industrial stocks came next. The S&P/ASX 200 Industrials Index (ASX: XNJ) advanced 0.16% today.

Finally, consumer discretionary shares got themselves over the line, as you can see by the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ)'s 0.11% bump.

Top 10 ASX 200 shares countdown

Today's winner was healthcare share 4DMedical Ltd (ASX: 4DX). 4DMedical shares soared 7.19% higher this session to close at $3.43 each. This may have been a reaction to last week's announcement.

Here's the rest of today's best: 

Our top 10 shares countdown is a recurring end-of-day summary that shows which companies made big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

I've reviewed the reports coming out of the major broking houses and zeroed in on four from Canaccord Genuity, which profile companies that could do very well indeed.

Let's see which companies they like at the moment.

Bravura Solutions Ltd (ASX: BVS)

Shares in Bravura jumped last week after the company delivered a better-than-expected earnings update for the past financial year.

The company said revenue would be within its previously guided range of $280 to $285 million, but cash EBITDA would be about $77 million, compared with previous guidance of $69 to $73 million.

Managing Director Colin Greenhill said the company had "continued to manage costs well whilst investing in core technology and exploring new initiatives''.

Canaccord Genuity said in its note to clients they believed cost management was the key to the result.

They said:

With costs very tightly managed in the half, we believe this positions BVS well entering FY27. With the new financial year potentially having lower project work, in our view, given FY26 featured work on the Aware and Telstra Super merger (of which Aware has labelled as completed), the potential for lower FY27 project revenue seems to be well managed by the cost-base being tightly managed.

The broker has a $2.73 price target on Bravura shares compared to $2.17 at the time of writing.

Light & Wonder Inc (ASX: LNW)

Canaccord Genuity said a recent share price pullback has Light & Wonder shares trading near 12-month lows, "and offering valuation constructs not seen in recent years''.

They added:

In addition, a widening of the discount to Aristocrat Leisure (ASX: ALL) has been apparent in recent months at levels not far from historic peaks. We remain attracted to the LNW thesis and consider the business to have a solid medium-term growth profile.

The broker has a $182 price target on Light & Wonder shares compared to $102.78 at the time of writing.

Mesoblast Ltd (ASX: MSB)

This drug company recently reported its quarterly sales results for its flagship drug Ryoncil, notching up US$36 million for the quarter and US$115 million for the full year.

The company's Chief Executive Officer, Dr Silviu Itescu, said Mesoblast was anticipating continued revenue growth in the current financial year, "in line with momentum we are seeing across major U.S. paediatric centres''.

Canaccord Genuity said it viewed consensus estimates of US$180 to US$190 million in Ryoncil sales this year as ambitious, but still has a bullish share price target of $3.23, up from $2.34 at the time of writing.

Pantoro Gold Ltd (ASX: PNR)

Canaccord Genuity has a very bullish $4.20 share price target on this company, compared to the price of $2.04 at the time of writing, but stresses that this is a speculative buy for investors.

Pantoro missed production estimates for the June quarter, but Canaccord said the longer-term story was of interest.

PNR expects to release its 5-year production plan this quarter alongside its annual Resource and Reserve update, which we expect will incorporate the new high-grade underground zones being delineated by PNR's extensive ongoing growth program. We note PNR has reaffirmed its long-term growth target of up to 200kozpa of production.

This compares to the current guidance for FY27 of 90,000 to 105,000 ounces of gold.

The post 4 ASX shares which could improve by 25% to more than 100% appeared first on The Motley Fool Australia.

At the time of writing, the Pantoro share price is down a massive 20.59% to $1.755.

The fall adds to a brutal run for the ASX gold stock. Pantoro shares are now down around 34% over the past month and 64% since the start of 2026.

Here's what the company revealed.

Production misses the mark

According to the release, Pantoro produced 77,408 ounces of gold in FY26, including 18,028 ounces in the June quarter.

The weaker result mainly came down to the underground operations.

Pantoro said production was below expectations at the OK and Scotia underground mines, with contractor performance and labour shortages both weighing on the result.

The OK mine also had a messy finish to the year.

Production in May was hit by the changeover to a new mining contractor. June was better, but Pantoro said the ramp-up under the new contract is still underway.

The company also had to deal with higher ground pressure and unexpected seismic activity in the deeper parts of OK. As a result, Pantoro had to change access plans and adjust the mining sequence.

FY27 guidance fails to settle nerves

Pantoro's FY27 guidance probably hasn't helped sentiment either.

The company is expecting production of 90,000 to 105,000 ounces, with all-in sustaining costs (AISC) of $2,800 to $3,400 an ounce.

Pantoro said the first half of FY27 will be more about stabilising the operation as the recent changes start to flow through.

A stronger finish is expected later in the year, helped by new ore sources coming into the mine plan.

Management expects the first half to deliver 40% to 45% of annual production, with the remaining 55% to 60% coming in the second half.

Balance sheet remains a positive

The update was not all bad, though.

Pantoro said cash and gold bullion grew from $175.8 million to $223.4 million during FY26, and the company remains debt-free.

It also put around $14.8 million into an on-market share buyback, invested $54 million in exploration, and spent around $67 million on major projects capital.

Can Pantoro shares recover?

Pantoro still has a few ways to lift production at Norseman.

Green Lantern is expected to restart from the September 2026 quarter, while O'Brien's Reef, Gladstone, Daisy South, and the Mega Resources partnership are also expected to add ore through FY27.

The debt-free balance sheet helps, but the market isn't going to care much about extra ore sources unless production starts to improve.

Until then, Pantoro needs to show that the changes underground are actually making a difference.

The post This ASX gold stock just crashed 20%. Here's why investors are selling appeared first on The Motley Fool Australia.

But when markets are volatile, it's a good time to look at the investment opportunity hiding among oversold shares.

Here are three that spring to mind.

Pantoro Gold Ltd (ASX: PNR)

Pantoro is a gold producer and exploration company based in Western Australia. The company's flagship operation is the 100%-owned Norseman Gold Project in the state's Eastern Goldfields region, and the ASX gold producer is also exploring a portfolio of regional targets in the Kimberly region. The gold miner's shares crashed by around 48% in March after it released its drilling results from its Norseman project and cut its production guidance following weather disruptions. The update overshadowed what were otherwise strong financial results. But subsequent updates have suggested the disruption was temporary and brokers are very bullish that Pantoro's share price can rebound quickly. Market Index data shows that the majority of brokers have a buy rating on the shares. The $4.99 target price implies an impressive potential 115% upside at the time of writing. 

Qoria Ltd (ASX: QOR)

Qoria is a small-cap cybersecurity company that offers online safety technology for children, including school and parental controls. The company aims to become the global leader in children's digital safety and well-being within three years. The ASX company has reached 30 million students in 32,000 schools and earns a significant annual recurring revenue from ongoing school contracts. In its half-year FY26 result, Qoria announced a 25% increase in revenue and a 68% hike in EBITDA. And brokers think the strong rate of expansion can continue. Market Index shows brokers have a consensus strong buy rating on the ASX shares and an average 58 cents target price. That implies a huge potential 138% upside at the time of writing.

Amplitude Energy Ltd (ASX: AEL)

Amplitude is an Australian energy company that supplies gas and oil to the domestic market. The company has a number of major gas supply contracts with customers, including AGL Energy Ltd (ASX: AGL) and Origin Energy Ltd (ASX: ORG). Its gas segment accounts for the vast majority of the company's revenue. Its share price crashed in March after the company announced that its Isabella gas discovery was not commercially viable, despite earlier encouraging drilling results. But Ampitude continues to produce and sell gas from its other existing projects, and Isabella wasn't the only growth project in the works. Brokers see the sell-off as excessive. The majority hold a buy rating, and they tip a 99% upside to an average $2.51 target price over the next 12 months. 

Xero Ltd (ASX: XRO) 

The ASX 200 tech shares have been beaten down over the past year after concerns about the company's valuation and earnings outlook. Xero was caught up in a sector-wide sell-off late last year and in early 2026 as investors rotated away from tech stocks amid concerns about AI competition. But now I think the sell-off has been way overdone. Xero benefits from an incredibly sticky subscription base and high customer retention rates. This means its revenue is relatively predictable. As a relatively small market player, it also has a lot of growth potential. Most analysts have a strong buy rating on the shares. They tip an upside of around 90% to an average target price of $141.56. 

The post Are these oversold ASX shares too good to pass up? appeared first on The Motley Fool Australia.

It was a happy hump day for the S&P/ASX 200 Index (ASX: XJO) and many ASX shares this Wednesday, as investors continue to bask in worldwide market optimism.

After yesterday's close call and slight rise, investors were more decisive today, sending the ASX 200 up a confident 0.54%. That leaves the index at 8,966.3 points, its highest level in two months.

This optimistic midweek session for Australian shares follows a mixed night on the American boards.

The Dow Jones Industrial Average Index (DJX: .DJI) was on fire, gaining 0.64% after hitting a new record high.

The tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) wasn't so lucky, though, and fell 1.15%.

But let's return to the local markets now and examine what was going on amongst the various ASX sectors today.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

The S&P/ASX 200 Index (ASX: XJO) enjoyed its second positive trading day of the week so far this Tuesday, although it was a close call.

After yesterday's euphoric session, investors were far more downbeat this morning, with the ASX 200 opening sharply lower. However, the index recovered over the rest of the day, and eventually finished up 0.042% at 8,917.7 points.

This cautious day for Australian investors comes after an excited start to the American trading week on Wall Street last night.

The Dow Jones Industrial Average Index (DJX: .DJI) was in fine form, rising 0.92%.

But the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) was off to the races, rocketing a hefty 3.07%.

Let's return to the local markets now and take stock of what the different ASX sectors were up to today amid our middling trading conditions.

Winners and losers

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

Gold is a safe haven that is usually defensive in times of geopolitical upheaval. Yet the gold price has fallen as the war has continued.

In 2025, the gold price surged 65%, and that followed a 24% increase in 2024.

Contrast that with this year, during which the gold price has risen just 4% higher over five months.

Why?

Gold price was elevated before war began

James Gruber, an Equity Market Strategist at CommSec, says the gold price began surging in 2022, mostly due to central bank buying.

Central banks began diversifying their reserves after the US and allies froze about US$300 billion of Russia's foreign exchange reserves as punishment for invading Ukraine.

In an article, Gruber explained:

This hamstrung Russia's central bank, but it also sent a signal to other countries that their reserves could be frozen at any time.

In other words, their holdings in the likes of US Treasuries were not as safe as previously assumed.

That spurred many central banks to buy large amounts of gold, which was deemed by them to be a safe alternative to holding US-denominated assets.

Demand from central banks was the biggest catalyst pushing the gold price higher.

Once the trend became clear, retail investors joined in.

They bought ASX gold shares, gold ETFs and bullion, and many cashed in their gold jewellery.

Gruber recalled:

You might recall the large lines outside of gold bullion stores in Australia, especially in September and October last year.

That propelled gold prices to reach an intraday record of US$5,589 an ounce in late January.

Since then, and especially after the war began, prices have fallen sharply, albeit there has been a small recovery recently.

Rising demand for gold between 2022 and 2025 also occurred alongside a weakening US dollar, which made gold that much more attractive.

Gruber explains:

In recent years, doubts about the future of the US dollar have arisen with the US running a trade deficit of 6% of GDP and having government debt to GDP of close to 100%, near the highs reached during World War Two.

The current US President, Donald Trump, has further increased the deficit through a combination of tax cuts and higher spending.

What changed after the Iran war began?

Although the gold price has fallen 17% since the war began, the war was not the trigger that disrupted its three-year bull run.

A major sell-off occurred at the very end of January after the gold price ripped nearly 30% in the first month of 2026.

Gruber said central banks may have taken profits after the gold price reached a historical closing high of $5,589 per ounce on 28 January.

Many retail investors also sold their ASX gold shares, ETFs, and bullion during and after that dramatic sell-off.

Then the war began on 28 February.

Sprott Managing Partner, Paul Wong, said the war sparked a rush to liquidity and forced deleveraging for investors.

He argues this does not diminish gold's new role as a strategic asset in the long term.

Gruber notes that the weakened US dollar gained a bit of ground after the war began. This further dampened demand for gold.

Gold is globally quoted in US dollars so when the dollar strengthens, gold becomes more expensive in other currencies, which can result in demand softening, and prices to fall.

This hints at another potential reason for gold's recent plunge. That is, rising real yields.

When real yields (bond yields minus inflation) rise, it makes no yielding assets like gold less attractive.

Rising bond yields

James Gerrish and Shawn Hickman from Market Matters discussed how rising bond yields were weighing on gold in a recent webinar.

Hickman said:

If you can get 5% in the bank with no risk, gold's got to outperform that.

And gold is moving directly with or against bonds. So, as bond [prices] fall, gold's falling.

When US bond yields go up, it weighs on gold.

Bond yields rise when bond prices fall because the interest those bonds pay becomes a larger percentage of their market price.

For example, if a bond that costs $1,000 pays $50 a year in interest, the yield is 5%.

If the bond price falls to $900, that $50 annual interest payment now equals a yield of 5.56%.

The analysts noted that the crowded trade in ASX gold shares had unwound somewhat this year, given the stalled gold price.

Hickman said:

… because we've had so many people overweight the sector. People are holding gold. They haven't got out.

In a lot of cases, you're seeing a bit of a exaggeration move in that regard.

Other factors weighing on demand for gold

As we recently reported, higher interest rates in Australia have pushed everyday savings account rates to 5.5% or higher.

Given that gold is a non-yielding asset, higher interest rates tend to be a headwind for the yellow metal.

The ongoing oil shock is creating resurgent inflation in many nations, including Australia, which means interest rates may rise further.

This may further dampen investor appetite for gold in the short to medium term.

Meanwhile, the US and Iran are reportedly close to a deal that would end the war and reopen the Strait of Hormuz.

The Strait, through which about 20% of the world's oil and gas supply is shipped, has been effectively at a standstill since early March.

Wong points out that Gulf Cooperation Council nations are some of the world's largest accumulators of reserves.

Their gold purchases are funded mainly by oil exports, which have been stalled due to the effective closure of the Strait.

That means many Middle Eastern nations have not had the revenue to continue buying gold.

Wong said the gold price "does not require outright selling to fall; the loss of incremental buying pressure is sufficient".

He also pointed out that the war led to an aggressive investment capital rotation out of metals and into energy.

This has drawn investment flows away from gold and other metals.

ASX gold shares in 2026

Here is a snapshot of how ASX gold shares have performed in 2026 compared to their rise in 2025.

The post Why has the gold price fallen 17% since the Iran war began? appeared first on The Motley Fool Australia.

At the time of writing, the Pantoro share price is up 3.39% to an intraday high of $3.505.

That takes its gain over the past week to almost 10%, giving shareholders some relief after a tough start to the year.

But even after today's rise, Pantoro shares remain down around 30% in 2026.

So, what has investors buying today?

A high-grade discovery at Racetrack

In its ASX announcement, Pantoro said it has made a significant high-grade gold discovery at the Racetrack target.

Racetrack sits within the company's 100%-owned Norseman Gold Project in Western Australia.

The discovery is part of Pantoro's wider drilling program across the Norseman Mainfield. The program is testing Racetrack, Golden Goose, and extensions to the Crown Reef.

Pantoro said drilling along the Racetrack trend has found a high-grade zone over a current strike of 400 metres. It extends from near surface to 600 metres depth.

The company also advised that the zone remains open to the east and down dip.

Some of the standout intercepts include 8 metres at 28.68 grams per tonne gold, including 1 metre at 189.84 grams per tonne.

Another result came in at 2.01 metres at 82.99 grams per tonne, including 1 metre at 165 grams per tonne.

Close to existing infrastructure

Pantoro said Racetrack is around 600 metres north of the OK Underground Mine and existing infrastructure.

That short distance could make the discovery more valuable if follow-up drilling supports a mineable resource.

Discoveries close to existing operations are usually easier to assess because the roads, mine access, plant, and other infrastructure are already nearby.

Notably, Pantoro Managing Director Paul Cmrlec said the company has a "clear pathway" to bring the ore into production in a capital-efficient way.

A closer look at the Norseman project

Pantoro is focused on unlocking the full potential of the Norseman Gold Project.

The project has a 1.2 million tonne per annum processing plant and two active underground mines. It also has an ore reserve of 949,000 ounces.

Pantoro's medium-term aim is to lift production above 200,000 ounces per year.

The company has also been generating stronger cash flow recently.

In the March quarter, Pantoro produced 17,757 ounces of gold and sold 20,016 ounces at an average price of $6,916 per ounce.

The stronger gold price helped drive quarterly EBITDA to $88.4 million.

Foolish Takeaway

The share price had a poor start to 2026, but the company is producing gold, generating cash, and still finding high-grade mineralisation at Norseman.

Racetrack is still an early-stage discovery, so follow-up drilling will be needed.

The post This ASX gold stock is up 10% in a week. Here's why appeared first on The Motley Fool Australia.

Pantoro is a West Australian gold production and development company. Its flagship asset is the 100%-owned Norseman Gold Project (NGP), south of Kalgoorlie in WA.

However since hitting a recent peak of nearly $6 per share in March, this ASX gold stock has fallen significantly. 

Since early March, it has dropped more than 46%. 

At the end of April, the company released a quarterly report, which prompted updated guidance from the team at Bell Potter. 

What did this ASX gold company report?

All-in Sustaining Cost (AISC) for the quarter was $3,204 per ounce, generating EBITDA was $88.4 million.

The company reported March quarter gold production of 17,757oz from the Norseman Gold Project (NGP) at All-In-Sustaining-Costs (AISC) of A$3,204/oz. 

The result was a miss compared with Bell Potter's forecast of 20,861oz at A$2,604/oz. 

Production was impacted by flooding at the Scotia underground associated with Cyclone Mitchell in February, and by significant loader downtime throughout February and March.

The company also said it expects a strong finish to FY2026 and is currently on track to achieve the guidance range of 86,000 to 92,000 ounces by the end of the year.

Buy, hold or sell?

After falling significantly this year, investors might be hoping for a buy-low opportunity for this ASX gold stock. 

However, based on Bell Potter's guidance, it seems there is limited upside. 

The broker has maintained its hold recommendation. It also lowered its price target to $3.55 (previously A$4.20). 

From yesterday's closing price of $3.16, this indicates a modest upside of 12%. 

PNR offers unhedged gold production exposure and potential production growth, but we see multiple risks to both the near and medium-term outlook. It has a strong balance sheet, continues to generate positive free cash flow and has an active share buyback program in place.

However, we expect the market to apply a risk discount until delivery to guidance is restored.

Brokers views mixed

It is worth noting that there is more optimism for this ASX gold stock from other brokers. 

Recently, the team at Morgans said although its production was softer than expected during the third quarter, there is upside for this ASX gold stock. 

Morgans has put a buy rating and $6.29 price target on its shares. 

This indicates an upside potential of 99%. 

The post Is this ASX gold stock a buy, hold or sell after its quarterly results? appeared first on The Motley Fool Australia.

The team at Morgans appears to believe this could have created a buying opportunity and has named three ASX 200 gold shares to buy this week.

Here's what it is recommending to clients:

Newmont Corporation (ASX: NEM)

Morgans thinks Newmont, which is the world's largest gold miner, could be an ASX 200 gold share to buy.

In response to its stronger than expected quarterly result, the broker has put a buy rating and $208.00 price target on its shares. It said:

Strong beat and capital returns increased: NEM delivered a strong beat across multiple operating and financial metrics, while completing its US$6bn buyback and announcing a further US$6bn program. The result reinforces NEM's positioning as a high-quality, cash-generative gold producer with strong balance sheet flexibility and increasing capacity to return capital to shareholders. Maintain BUY rating with a A$208ps target price.

Pantoro Gold Ltd (ASX: PNR)

Another gold share that could be a buy according to Morgans is Pantoro Gold.

Although its production was softer than expected during the third quarter, the broker remains positive. In response, it has put a buy rating and $6.29 price target on its shares. It said:

PNR reported gold sales for 3Q26 of 20.0koz at an AISC of A$3,204/oz, generating revenue of A$138.9m from an average realised price of A$6,916/oz. Production of 17.8koz fell below expectations despite the company's revised guidance released in March, paired with a substantially higher cost of production.

Whilst we forecast a narrow miss to FY26 guidance, we still anticipate a material uplift in 4Q26 ounce production as Gladstone open-pit delivers higher ore volume to the mill alongside Mega Resources ore treatment partnership. We maintain our BUY rating, with a price target of A$6.29ps (previously A$6.53ps) – the revision a function of adjustments to long-term head-grade and 4Q26.

Regis Resources Ltd (ASX: RRL)

A third ASX 200 gold share that Morgans is tipping as a buy this week is Regis Resources.

Like Newmont, it outperformed the broker's expectations during the third quarter.

As a result, Morgans upgraded the company's shares to a buy rating with a $10.07 price target. It said:

Gold sales of 89.1koz at an AISC of A$2,807 beat our expectations whilst performing in line with company guidance, delivering revenue of A$622m at an average realised price of A$6,977/oz. RRL continues to build a substantial cash balance, adding an additional A$198m bringing the total to A$1.12bn. Replenished ounces with group MRE exceeding 10% yoy resource growth underpinning future production.

We upgrade to BUY (from HOLD) following recent weakness across the gold sector which we believe has uncovered value in RRL underpinned by attractive immediate term cash generation paired with a structured capital management framework.

The post Morgans names 3 ASX 200 gold shares to buy appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Beach Energy Ltd (ASX: BPT)

The Beach Energy share price is down 2% to $1.17. Investors have been selling the energy company's shares following the release of a disappointing third-quarter update. Beach Energy reported production of 4.8 MMboe for the quarter, which was up 7% on the prior quarter. However, it has downgraded its full year production guidance and now expects FY 2026 production to be in the range of 19.4 MMboe to 20.3 MMboe. This is down from its previous guidance range of 19.7 MMboe to 22.0 MMboe. This reflects a combination of factors, including weather-related disruptions, ramp-up challenges at the Waitsia Gas Plant, and cyclone-related shutdowns.

Domino's Pizza Enterprises Ltd (ASX: DMP)

The Domino's share price is down 10% to $15.96. The catalyst for this has been the release of an update from Domino's Pizza Inc (NASDAQ: DPZ) in the United States overnight. It revealed same-store sales growth of just 0.9%, which was lower than the 2.3% increase the market was expecting. It also lowered its guidance for the full year. Investors may believe Domino's Pizza Enterprises could also be struggling in the current environment.

Origin Energy Ltd (ASX: ORG)

The Origin Energy share price is down a further 4% to $11.60. Investors have been selling the energy giant's shares this week after it released its quarterly report. Origin revealed that March quarter production was lower compared to the prior quarter. It also advised that Integrated Gas revenue was down $247 million compared to the prior quarter at $1,855 million. This reflects lower realised LNG prices. Origin Energy's CEO, Frank Calabria, said: "Global commodity markets have experienced significant volatility this quarter, with the conflict in the Middle East affecting oil and LNG supply. Changes in oil prices have a lagged effect on Australia Pacific LNG's long term export contracts, and we do not expect this to flow through to results until FY27."

Pantoro Gold Ltd (ASX: PNR)

The Pantoro Gold share price is down 10% to $3.44. This follows the release of the gold miner's quarterly update. Pantoro Gold revealed production of 17,757 ounces of gold, which is down 19.5% quarter on quarter. Also going the wrong way was its all-in sustaining cost, which increased 24.5% to $3,204 per ounce.

The post Why Beach Energy, Domino's, Origin Energy, and Pantoro Gold shares are dropping today appeared first on The Motley Fool Australia.

Pantoro Gold shares closed yesterday trading for $3.81. In morning trade on Tuesday, shares are swapping hands for $3.52 each, down 7.6%.

For some context, the ASX 200 is down 0.6% at this same time, while the S&P/ASX All Ordinaries Gold Index (ASX: XGD) is down a steeper 2.1%.

Pantoro is focused on its 100%-owned Norseman Gold Project, located in Western Australia. The project has a current Total Mineral Resource of 4.6 million ounces of gold.

Here's why investors look to be favouring their sell buttons today.

ASX 200 gold stock slides on weather woes

Pantoro Gold shares are under pressure following the release of the company's third-quarter update (Q3 FY 2026).

For the three months to 31 March, the ASX 200 gold stock produced 17,757 ounces of gold. That's down 19.5% quarter on quarter.

The miner sold 20,016 ounces of gold during the quarter, receiving an average price of $6,916 per ounce.

Investors will also have noted the rising costs.

Pantoro Gold reported an all-in Sustaining Cost (AISC) for the quarter of $3,204 per ounce. That's up 24.5% from the AISC of $2,573 per ounce in Q2 FY 2025.

On the earnings front, the ASX 200 gold stock reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of $88.4 million.

The miner's cash and gold balance increased by $37.7 million over the quarter, after exploration and project capital expenditures of $32.7 million.

Over the three months, Pantoro Gold continued with its exploratory drill campaign, operating four underground diamond drill rigs and three reverse circulation (RC) surface rigs. The miner expects a fifth underground diamond drill at Norseman within the next few weeks.

The March quarter also saw Pantoro Gold announce a share buyback program. The company has since purchased some $4.63 million worth of shares under the buyback program.

What's been hampering Pantoro Gold's operations?

Like many miners in Western Australia, the ASX 200 gold stock was hit with wet weather and low cloud during February and March.

This impacted flights in and out of site, open-pit mining, and ore haulage activities. Pantoro's Scotia mine also suffered flooding from Cyclone Mitchell.

As for impacts from the Middle East conflict, management noted:

To date, Pantoro has not been affected by the nation-wide fuel shortages and has long term supply contracts in place with a major Australian refiner and fuel supplier. The situation is being closely monitored with contingency planning in place should it be required in the future.

Management reaffirmed that Pantoro Gold is on track to achieve its full-year FY 2026 production guidance range of 86,000 to 92,000 ounces of gold.

The post Why is this $1.5 billion ASX 200 gold stock tumbling 8% today? appeared first on The Motley Fool Australia.

The stock is up 4.26% to $3.92 in early afternoon trade, after climbing as high as $3.97 earlier in the session.

Here's what investors are reacting to.

Deal opens pathway to expand Norseman

According to the release, Pantoro has entered into a partnership with Mega Resources to develop the Norseman Gold Project.

The agreement centres on advancing the Rama Open Pit, with funding and operational support provided by Mega.

Under the deal, Pantoro can advance up to $20 million to support mining activities at Rama.

An initial $15 million loan facility has been agreed, with an option to increase that by a further $5 million.

The funding will be repaid through gold deliveries, set at a fixed price of $1,000 per ounce.

That structure allows Pantoro to advance the project without immediate balance-sheet pressure.

Production and processing terms outlined

Mega will mine and deliver ore to Pantoro's Norseman run-of-mine pad, where ownership passes to Pantoro.

Pantoro will then process the ore and reconcile gold content under agreed sampling terms.

Payments to Mega will be made on a batch basis, with recovery rates expected between 70% and 80% depending on grade.

Mega has committed to delivering around 115,000 tonnes at an average grade of 4.7 grams per tonne.

The agreement also requires a minimum delivery of 17,700 ounces.

Pantoro's revenue will come from both processing margins and profit-sharing arrangements.

Underground option adds another layer

The agreement also includes an option for Pantoro to move into underground development at Rama.

This option runs for 12 months and allows Pantoro to propose a work program once open pit mining is completed.

If exercised, the underground phase would also operate under a profit-sharing structure.

Management flagged this as a potential extension to the mine life beyond the current open pit plan.

Pantoro said the high-grade nature of Rama could replace lower-grade stockpiles currently being processed at Norseman.

Foolish takeaway

Pantoro's latest update adds another growth lever to the Norseman operation.

The funding structure reduces upfront pressure while still bringing new ore into production.

The open pit is the first step, but the underground option could carry more weight over time.

The share price reaction suggests the market is starting to factor that into expectations.

At these levels, I would not be chasing it. The move makes sense, but much of the near-term upside is already priced in after the recent run.

I would be more interested in a pullback, especially if progress at Rama continues to track as expected.

The post This ASX gold stock just made a key move. Here's why investors are watching closely appeared first on The Motley Fool Australia.

Pantoro Gold shares closed yesterday trading for $3.90 In morning trade on Wednesday, shares are swapping hands for $3.77 apiece, down 3.5%.

For some context, the ASX 200 is down 0.7% at this time. And in a better comparison of golden apples to golden apples, the S&P/ASX All Ordinaries Gold Index (ASX: XGD) is currently down 2.0%.

Despite today's slide, Pantoro Gold shares remain up 24.8% over 12 months, outpacing the 13.7% one-year gains delivered by the benchmark index.

Now, here's what investors are mulling over today.

ASX 200 gold stock hits more high-grade intercepts

Pantoro Gold shares are falling despite the miner reporting on positive exploratory drilling results at its 100%-owned Norseman Gold Project, located in Western Australia.

The ASX 200 gold stock's surface diamond drilling program at the Scotia Underground Mine, situated within Norseman, is ongoing.

According to the release, extensional drilling in Central Scotia has confirmed wide, high-grade mineralisation. That mineralisation is reported to extend for at least 50 metres below the current Scotia Indicated Mineral Resource.

Management noted that this remains open at depth, which supports the potential for additional development levels beyond Pantoro Gold's existing mine plan.

The grade control drilling returned multiple high-grade intersections within the current mine plan.

Among the top results from Central Scotia, the ASX 200 gold stock reported one hole with 16.09 metres at 10.59 grams of gold per tonne, including 1.58 metres @ 30.48 g/t Au, and 1.75 metres @ 41.72 g/t Au, and 1.31 metres @ 18.02 g/t Au.

And one of the drill holes from Scotia North returned 3.35 metres @ 14.82 g/t Au, including 2.7 m @ 18.11 g/t Au.

Pantoro Gold said it has approved additional levels outside of the current mine plan to further extend mine life.

What did Pantoro Gold management say?

Commenting on the results that could help support the ASX 200 gold stock longer-term, Pantoro Gold managing director Paul Cmrlec said, "Development at Scotia North is now opening up new mineralisation for production, meaningfully improving production flexibility at the mine."

Looking ahead, Cmrlec sounded a positive note for the miner's production growth outlook in FY 2027:

These high-grade infill results, combined with the continued resource growth at Central Scotia and Scotia South, position the mine to grow its production in FY 2027.

While development and production have run behind schedule due to a number of factors in FY 2026, the orebody continues to impress. We remain confident that Scotia will deliver years of high-grade ore feed to Norseman as these additional areas come into full production.

The post How this $1.5 billion ASX 200 gold stock is on track to ramp up FY 2027 production appeared first on The Motley Fool Australia.

This jubilant hump day session for ASX shares comes after an even more euphoric morning on the American markets.

The Dow Jones Industrial Average Index (DJX: .DJI) was off to the races, gaining 2.49%.

The tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) put the turbocharger on though, exploding 3.83% higher.

Let's get back to the local markets now and see how today's gains filtered down into the different ASX sectors.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

Yet the bigger picture tells a different story. Over the past 12 months, Pantoro is up around 39%, while Catalyst has climbed roughly 43% at the time of writing.

That mix of recent weakness and longer-term strength is catching the attention of brokers, with some leading experts tipping significant upside ahead for ASX gold stocks.

Pantoro: still in ramp-up phase

Pantoro's recent decline has been driven by a combination of production guidance downgrades and profit-taking. The gold producer has operations centred on the Norseman project in Western Australia.

Pantoro has been steadily ramping up production at its Norseman operations, one of Australia's historic gold regions. As output increases and operations stabilise, the company expects to deliver improving cash flow.

Pantoro produced 41,623 ounces of gold for the half year but is continuing to explore for gold around Norseman. The target is to increase production to 200,000 ounces per year in the medium term.

Gold itself remains a key tailwind. In uncertain economic environments, the precious metal often attracts safe-haven demand. This can support prices and, in turn, producer margins.

However, execution is critical. Pantoro is still in a ramp-up phase, and any delays or cost overruns could impact earnings.

Like all ASX gold stocks, it is also exposed to fluctuations in the gold price. A sustained pullback in bullion could weigh on profitability.

Despite recent share price weakness, brokers remain positive. They view Pantoro as a growth-oriented gold producer, with analysts pointing to strong upside potential as production ramps up and costs stabilise. The most bullish price target sees the ASX gold stock gain 110% over 12 months.

The team at UBS Group (NYSE: UBS) just named Pantoro as its top pick among the emerging gold miners. The broker has an average 12-month target of $7.50, which points to a 93% upside at the current share price of $3.89.

Catalyst Metals: emerging mid-tier gold player

Catalyst's pullback appears more cyclical in nature, alongside broader profit-taking across the sector. The company is another ASX gold stock building scale through its portfolio of Australian assets.

The company has been expanding its resource base and production profile, positioning itself as an emerging mid-tier gold player.

Catalyst also benefits from exposure to a strong gold price environment, which can amplify earnings as production grows.

As with Pantoro, execution risk remains. Delivering on growth projects on time and on budget will be key. The company is also exposed to commodity price swings and broader market sentiment toward mining stocks.

TradingView data show that the 6 analysts covering the ASX gold stock rate it a strong buy. They have set an average price target of $14.34, suggesting a 115% upside.

Morgans is particularly bullish on the $1.7 billion ASX gold stock. The broker expects major growth to commence from FY2027, supported by project development and operational improvements.

Morgans has a buy rating on Catalyst and a price target of $15.24, suggesting a whopping 128% upside from current levels.

The post 2 ASX gold stocks tipped to double in value appeared first on The Motley Fool Australia.

The gold price rose to record highs, and along with it, many ASX gold shares. 

These companies also benefited from its position as a safe-haven asset.

Tariff fears, geopolitical uncertainty and global conflicts influenced investors decisions to push towards safe-haven assets like gold. 

Leading the way in 2025 were: 

• Pantoro Gold Ltd (ASX: PNR) rose 220%
• Resolute Mining Ltd (ASX: RSG) shares climbed 206%
• Regis Resources Ltd (ASX: RRL) share price roared 196% 
• Genesis Minerals Ltd (ASX: GMD) shares increased 194%
• Perseus Mining Ltd (ASX: PRU), up 121%

Among the largest gold mining companies: 

• Northern Star Resources Ltd (ASX: NST) rose by 73% in 2025.
• Evolution Mining Ltd (ASX: EVN) shares climbed 164%
• Newmont Corporation CDI (ASX: NEM) shares increased 152%.

What is happening in 2026?

According to Trading Economics, gold prices have climbed more than 16% year to date. 

Although the continuing conflict in the Middle East has influenced volatility.

Despite global gold prices rising, many of these red hot ASX gold shares have stumbled in 2026. 

Let's look how the best performing shares from last year are tracking so far in 2026. 

The only one in the positive at the time of writing is Resolute Mining Ltd (ASX: RSG) which is up 12.9%. 

The other four: 

• Pantoro Gold Ltd (ASX: PNR) down 26% 
• Regis Resources Ltd (ASX: RRL) down 7.4%
• Genesis Minerals Ltd (ASX: GMD) down almost 15%
• Perseus Mining Ltd (ASX: PRU) has fallen 7.4%

Among the largest gold mining companies, since the start of 2026, Evolution Mining Ltd (ASX: EVN) is up 7% and Newmont Corporation CDI (ASX: NEM) is up 3%, while Northern Star Resources Ltd (ASX: NST) is down 15%. 

What does this tell us?

There's more that influences gold miners and producers than just the global commodity price. 

Gold miners and producers are influenced not just by the global gold price but also by operational performance, including production costs, mine efficiency, and reserves. 

Exploration success and new discoveries can boost a miner's value, while project delays or cost overruns can hurt it. 

Regulatory, environmental, and political risks in mining jurisdictions can affect production and investor confidence. 

Finally, currency fluctuations, interest rates, and investor sentiment in equity markets also play a significant role in share price movements.

Global diversity with gold ASX ETFS

For investors looking to gain exposure to gold shares, without selecting specific companies, may benefit from more diverse gold ETFs. 

These funds can spread the risk across more than just Australian gold miners. 

Some options include: 

• Etfs Metal Securities Australia – Etfs Physical Gold (ASX: GOLD) – Tracks the price of physical gold with bullion held in London vaults.
• BetaShares Global Gold Miners ETF – Currency Hedged (ASX: MNRS) – comprises the largest global gold mining companies (ex-Australia), hedged into Australian dollars.
• VanEck Vectors Gold Miners ETF (ASX: GDX) – Provides exposure to a basket of global and Australian gold mining companies rather than the metal itself.

Alternatively, here are emerging ASX gold companies UBS has picked as winners. 

The post Which ASX gold shares have risen the most in 2026? appeared first on The Motley Fool Australia.

After starting strong this morning, the ASX 200 took a brief dip into negative territory in afternoon trading. But investors' feet warmed back up by the time the markets closed, with the index lifting 0.36% to 8,614.3 points.

This happier trading session came after a bullish start to the American trading week in the early hours of this morning.

The Dow Jones Industrial Average Index (DJX: .DJI) rose by an optimistic 0.83%.

The tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) fared even better, gaining a solid 1.22%.

But let's return to the ASX now and take stock of how the various ASX sectors enjoyed (or not) today's renewed sense of optimism.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

The analyst team at UBS has put together a list of its top five picks in the emerging gold space, with price targets as much as 120% above current levels.

Where to for commodity prices?

Firstly, let's look at their gold price forecasts for the coming year.

UBS expects the price of gold to remain relatively steady, rising slightly from the current level of about US$5,000 to US$5,075 in FY27, before dropping back to US$4,575 in FY28.

As they said in their research note this week:

Our price forecasts align with UBS Precious Metals strategists' views, which see an average of US$5,200 for CY26 before the rally fades. We wrote recently that risks remain skewed to the upside in the face of ongoing global uncertainty, and we expect gold to continue to benefit from shifts out of US assets. Interest has heightened across institutional and retail investors and the strength of demand has (so far) more than offset any attempts to take profits. The key drivers remain uncertainty relating to the Middle East conflict and geopolitics, ongoing trade tensions and the modest outlook for global growth, de-dollarisation but also gold offering an alternative in times of currency uncertainty.

Local companies set to benefit

Looking at the Australian emerging companies, UBS said, "strong volume growth and gold prices remaining elevated provides a healthy pathway to higher earnings and cashflow''.

UBS' top pick among the emerging miners is Pantoro Gold Ltd (ASX: PNR), for which it has a $7.50 price target compared with the current share price of $3.67.

Pantoro produced 41,623 ounces of gold for the half year but is continuing to explore for gold around its Norseman operations with a view to increasing production to 200,000 ounces per year in the medium term.

UBS' second pick is Westgold Resources Ltd (ASX: WGX), for which it has a price target of $10.25 compared with the current share price of $6.06.

UBS said the company's production target of 470,000 ounces by FY28 "looks conservative'' and there were also cost efficiencies to be had.

UBS' third pick is Minerals 260 Ltd (ASX: MI6), which it has a price target of $1.20 compared with the current price of 62.5 cents.

The company recently agreed to a $220 million funding package to accelerate its Bullabulling gold project, which has a mineral resource of 4.5 million ounces of gold.

UBS' fourth pick is Catalyst Metals Ltd (ASX: CYL), for which it has a price target of $11.25 per share compared with the current price of $6.42.

The team said Catalyst was targeting low capex production growth with strong free cash flow yields.

And finally, UBS' fifth pick is Ora Banda Mining Ltd (ASX: OBM), for which it has a $1.60 price target compared with the current price of $1.40, with the company having a pathway to producing 200,000 ounces of gold per year by FY29 while maintaining strong free cash flow yields.

The post What are the 5 emerging ASX gold companies UBS has picked as winners? appeared first on The Motley Fool Australia.