The rise of ASX gold shares was one of the most notable, emerging stories in 2025.
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.
Motley Fool contributor Aaron Bell has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2026