After ASX gold shares enjoyed a rally through 2025, many have lost momentum in 2026.
A new report from VanEck suggests that this could be an opportunity for investors to buy the dip.
Gold is currently trading around US$4,600 per ounce, down approximately 22% from its all-time high of US$5,595 in late January.
While the drawdown is significant, in our view it is presenting a compelling entry point for investors looking to add gold exposure.
What's causing the dip?
VanEck CEO Jan van Eck addressed the recent pullback, highlighting that several forces have hit gold simultaneously.
He outlined that these drivers appear cyclical and technical rather than structural.
Firstly, gold had been trading well above its long-term averages, making a short-term correction unsurprising.
VanEck reinforced this move below the 200-day moving average aligns with normal pullbacks often seen during longer-term bull markets, rather than indicating a lasting bearish shift.
Additionally, ongoing tensions involving the US and Iran, along with pressure on energy-related revenues, may have led some sovereign investors to sell gold holdings to raise immediate cash.
This appears to reflect temporary funding stress rather than any fundamental decline in long-term interest in gold.
Why gold shares could be set for a rebound
Despite recent volatility, VanEck said the structural drivers of gold remain firmly in place and in some cases are strengthening.
While the immediate impact of the conflict has pressured gold, history shows that oil shock events ultimately drive higher inflation and macro uncertainty, conditions under which gold has historically performed strongly.
VanEck said during previous oil-shock conflicts, particularly the 1973 Yom Kippur War, the 1979 Iranian Revolution and the 1991 Gulf War, gold demand surged over the medium term as investors priced in higher inflation and persistent macro uncertainty.
The current conflict has disrupted roughly 20% of global seaborne oil supply, the largest such disruption in modern history.
Looking through the volatility, we think the current environment continues to support gold's role as a strategic portfolio allocation and reinforces the case for adding exposure at current levels.
How to invest in gold shares
The ASX is home to many gold mining and production shares.
Two of the largest ASX listed gold shares include:
There are also ASX ETFs that provide exposure to gold shares through a basket of miners, or tracking the spot price of gold:
- Vaneck Gold Bullion ETF (ASX: NUGG)
- VanEck Vectors Gold Miners ETF (ASX: GDX)
- Global X Physical Gold (ASX: GOLD)
The post Should you buy the dip on gold shares? Expert 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.
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