Despite a strong rally in the broader S&P/ASX 200 Index today, gold stocks in Australia are not sharing in the gains. Instead, most major gold producers on the ASX are experiencing sharp declines. The benchmark index is up by 1.7% in early afternoon trade on Wednesday, fueled by US President Donald Trump’s recent remarks signaling potential tariff reductions with China and a less aggressive stance toward US Federal Reserve Chairman Jerome Powell.
However, gold miners, which have typically benefited from the uncertainty generated by Trump’s policies, are not enjoying the same upward momentum. The S&P/ASX All Ordinaries Gold Index (ASX: XGD), which includes both larger and smaller gold miners, is down a substantial 7.8% today.
While the All Ordinaries Gold Index remains up 42% in 2025, it contrasts with the ASX 200’s performance, which is still down by 3% year-to-date.
How Top ASX Gold Stocks Are Performing
Several top gold stocks on the ASX are experiencing notable declines today, despite their strong performances earlier this year. Here’s a snapshot of their current movements:
Northern Star Resources Ltd (ASX: NST): Down 8.0% today, up 37.1% in 2025
Newmont Corp (ASX: NEM): Down 5.3% today, up 39.5% in 2025
Ramelius Resources Ltd (ASX: RMS): Down 9.5% today, up 26.5% in 2025
Gold Road Resources Ltd (ASX: GOR): Down 5.4% today, up 54.4% in 2025
Evolution Mining Ltd (ASX: EVN): Down 8.5% today, up 67.9% in 2025
Perseus Mining Ltd (ASX: PRU): Down 6.0% today, up 29.3% in 2025
De Grey Mining Ltd (ASX: DEG): Down 7.9% today, up 40.8% in 2025
Bellevue Gold Ltd (ASX: BGL): Down 6.6% today, down 25.0% in 2025
West African Resources Ltd (ASX: WAF): Down 8.9% today, up 59.5% in 2025
What’s Behind the Retreat?
Gold stocks have previously benefitted from geopolitical uncertainty and the broader market volatility spurred by the Trump administration. As gold is traditionally seen as a safe haven during periods of risk, its price surged from US$2,262.50 per ounce on January 1 to new all-time highs of US$3,433 per ounce on Tuesday.
However, following Trump’s recent remarks indicating a shift toward lower tariffs and a de-escalation in trade tensions with China, gold prices have retreated. The price has dropped by 1.3%, trading at US$3,379 per ounce at the time of writing.
Experts believe that the rapid rise in gold prices, which surged by over US$500 in just eight trading days, may have triggered a correction. Investors may be taking this opportunity to lock in profits after the steep climb.
“Gold’s tactically very overbought and extended,” said Nicky Shiels, head of research and metals strategy at MKS Pamp, quoted by Bloomberg. “It’s risen US$500 plus in eight trading days, so naturally there’s likely a mix of a buyer’s pause and some risk reduction.”
Despite the short-term correction, Bloomberg’s macro strategist Ven Ram emphasized that the long-term outlook for gold remains positive, with investors maintaining a cautious but optimistic stance on the precious metal.
Should You Invest in Bellevue Gold Limited Right Now?
For those considering investing in Bellevue Gold Limited (ASX: BGL), it’s important to note that while the company’s shares are down 6.6% today and 25.0% year-to-date, it remains up 59.5% in 2025. However, investing expert Scott Phillips from Motley Fool recently revealed that Bellevue Gold is not among his top stock picks at this time. Phillips, who has been guiding investors for over a decade, highlights five other stocks that he believes present better opportunities in the current market climate.
While some investors may be eyeing gold stocks for long-term growth, the near-term volatility suggests that caution and a well-informed strategy will be crucial in navigating these fluctuations.
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