In this article, we will look at the 10 Most Undervalued Gold Stocks to Buy According To Analysts.
Gold has been on a tear, hitting multiple new highs in 2025. After gaining more than 25% year to date, analysts at Goldman Sachs insist the yellow metal could top out at $3,700 before year-end. Amid the positive outlook for the precious metal, investor interest in gold stocks also remains healthy and strong, according to RBC Capital Markets.
In a research note to investors, RBC Capital Markets reiterated strong investor interest in gold stocks, as spot gold prices have surged due to the traditional safe-haven asset’s appeal. While Gold Mining stocks have underperformed over the years, they are starting to shine.
The VanEck Gold Miners ETF is already up by 45%, affirming strong interest in gold stocks.
“It’s really been a — from, let’s say 2006 to 2020 — a significant degree of underperformance by the gold miners. And what we’re flagging here is that over the last 10 years, the ratio between the two has started to turn sideways, and create the space,” said Ari Wald, head of technical analysis at Oppenheimer.
The analyst expects pullbacks in gold mining stocks to present buying opportunities over the coming quarters amid soaring gold spot prices. In addition, their low valuations compared to historical levels also make them exciting plays on a risk-reward front.
With that in mind, let’s look at the 10 Most Undervalued Gold Stocks to Buy According To Analysts.
A man, dressed in protective gear, holding a golden nugget freshly extracted from an underground mining shaft.
Our Methodology
To compile the list of the 10 Most Undervalued Gold Stocks to Buy According to Analysts, we scanned the US equity markets, focusing on gold mining companies. We focused on undervalued gold stocks with price-to-earnings multiples of less than 15 and that were popular among elite hedge funds. Finally, we ranked the stocks in ascending of their average upside potential.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
Most Undervalued Gold Stocks to Buy According To Analysts
10. Gold Fields Limited (NYSE:GFI)
Price to Earnings Ratio as of June 30: 9.04
Stock Upside Potential: 4.20%
Gold Fields Limited (NYSE:GFI) is one of the 10 most undervalued gold stocks to buy according to analysts. On June 12, the company announced that Michael Rawlinson will join its board as a Non-Executive Director, effective August 1, 2025.
Rawlinson would be a significant addition, given his vast experience following a leadership role at Capital Limited. At the company, he oversaw drilling, mining, maintenance, and geochemical laboratory solutions. A strong foundation in finance and strategic advisory services underpins his extensive experience in the mining and metals industry.
Gold Fields has had a solid start to 2025, with production for the quarter returning to normalized Q1 levels and 19% higher than in Q1 2024. Salares Norte continued to ramp up production while the team advanced installations and preparations in the process plant. Looking ahead, it remains focused on improving the quality of its portfolio through investment in quality, long-life assets.
Gold Fields Limited (NYSE:GFI) is a global gold mining company involved in the exploration, extraction, processing, and smelting of gold. It also explores platinum group metals. The company’s operations include a portfolio of nine mines and one project, with a focus on sustainable mining practices.
9. Caledonia Mining Corporation Plc (NYSE:CMCL)
Price to Earnings Ratio as of June 30: 9.44
Stock Upside Potential: 8.86%
Caledonia Mining Corporation Plc (NYSE:CMCL) is one of the 10 most undervalued gold stocks to buy, according to analysts. On June 23, the company announced promising high-grade drill results from its resource expansion program at the Blanket Mine.
The exploration results showed better-than-expected grades with widths in the Blanket and Eroica orebodies. The results also showed significant discovery in the Blanket area with impressive grades of 6.71 g/t gold over 31.8 meters and 17.73 g/t gold over 10.8 meters.
The positive exploration results should bolster confidence about existing mineral resources and expand resources below 1,110 meters. Caledonia Mining Corporation expects the results to lead to an increased overall mineral resource estimate and extended mine life.
Caledonia Mining Corporation Plc (NYSE:CMCL) is a gold producer, with its primary asset being the Blanket Mine. It is engaged in the exploration, development, and operation of gold mines.
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