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.
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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.
8. AngloGold Ashanti plc (NYSE:AU)
Price to Earnings Ratio as of June 30: 10.41
Stock Upside Potential: 10.07%
AngloGold Ashanti plc (NYSE:AU) is one of the 10 most undervalued gold stocks to buy, according to analysts. On June 30, the stock was added to the Russell 3,000 index. The addition is a significant milestone, as it comes on the stock, demonstrating strong momentum with a 93% price gain over the last six months.
According to Chief Executive Officer Alberto Calderon, the addition will help enhance the company’s exposure and liquidity. The inclusion is also expected to unlock significant long-term value.
Inclusion in the Russell 3000 follows listing in the New York Stock Exchange in 2023. AngloGold Ashanti is also listed on the Johannesburg Stock Exchange. Listing on The Russell comes on the heels of the company inking a deal to sell its interest in the Mineração Serra Grande mine (“MSG”) to Aura Minerals. The sale is part of the company’s push to optimize its portfolio.
AngloGold Ashanti plc (NYSE:AU) is a global gold mining company involved in the exploration, extraction, and processing of gold. It boasts a geographically diverse portfolio of operations and projects, including those in countries such as Argentina, Australia, Brazil, and the Democratic Republic of the Congo.
7. Eldorado Gold Corporation (NYSE:EGO)
Price to Earnings Ratio as of June 30: 12.77
Stock Upside Potential: 13.44%
Eldorado Gold Corporation (NYSE:EGO) is one of the 10 most undervalued gold stocks to buy, according to analysts. On June 24, analysts at National Bank reiterated an ‘Outperform’ rating on the stock. Additionally, the analysts raised the price target to C$40.50 from C$36.
The bullish stance underscores the research firm’s positive outlook about the company’s prospects. The stance also comes on the company delivering a solid first quarter, with gold production hitting highs of 115,893 ounces.
The gold producer expects its production in the second half of the year to range between 460,000 and 500,000 ounces. The company remains in a solid financial position to ramp up production, having exited Q1 2025 with $1.2 billion in total liquidity that provides financial flexibility for investments and strategic initiatives.
Eldorado Gold Corporation (NYSE:EGO) is a mid-tier gold and base metals producer with mining, development, and exploration operations in Canada, Greece, and Turkey. It is involved in the extraction, refinement, and sale of gold and other valuable metals.
6. SSR Mining Inc. (NASDAQ:SSRM)
Price to Earnings Ratio as of June 30: 12.35
Stock Upside Potential: 16.08%
SSR Mining Inc. (NASDAQ:SSRM) is one of the 10 most undervalued gold stocks to buy, according to analysts. On June 16, the company announced it had resumed operations at its flagship Seabee project. Operations at the site were suspended for two weeks due to power interruptions caused by forest fires.
Seabee is one of the company’s flagship mines in Northern Saskatchewan, Canada. The mine boasts proven and probable Mineral Reserves of 312,000 ounces of gold at an average grade of 5.36 g/t. The company expects to produce between 70,000 and 80,000 ounces of gold, with a cost of sales ranging from $1,230 to $1,270 per ounce from the mines.
Likewise, SSR Mining expects its total gold equivalent production in the range of 410,000 to 480,000 ounces for 2025. The company expects significant production growth and strong cash flow following the acquisition of CC&V.
SSR Mining Inc. (NASDAQ:SSRM) is a precious metals mining company with operations in the United States, Turkey, Canada, and Argentina. It acquires, explores, and develops properties with precious metal resources. SSR Mining produces gold, as well as copper, silver, lead, and zinc concentrates.
5. Kinross Gold Corporation (NYSE:KGC)
Price to Earnings Ratio as of June 30: 12.64
Stock Upside Potential: 17.42%
Kinross Gold Corporation (NYSE:KGC) is one of the 10 most undervalued gold stocks to buy, according to analysts. On June 26, Jefferies analysts reiterated a ‘Hold’ rating and raised the price target to $18 from $14. The bullish stance is in response to the company demonstrating strong financial performance.
In addition, Jefferies analysts are encouraged by the company’s projected solid free cash flow yield for 2025 and 2026. According to the analysts, free cash flow generation should distinguish Kinross Gold from other senior gold peers. It will also leave the company in a solid position to increase share repurchases.
Jefferies expects Kinross to repurchase 11% of its market capitalization, affirming its strong financial position and commitment to returning value to shareholders. The company also boasts a clear production outlook, with plans to produce over 2 million ounces of gold, which should enable it to generate more value.
Kinross Gold Corporation (NYSE:KGC) is a gold mining company that acquires, explores, develops, extracts, processes, and sells gold. It operates gold mines and related processing facilities in various countries, producing silver for sale as well. Kinross focuses on delivering value through operational excellence, a strong balance sheet, disciplined growth, and responsible mining practices.
4. Barrick Mining Corporation (NYSE:GOLD)
Price to Earnings Ratio as of June 30: 10.80
Stock Upside Potential: 29.64%
Barrick Mining Corporation (NYSE:GOLD) is one of the 10 most undervalued gold stocks to buy, according to analysts. On June 29, analysts at RBC Capital reiterated it is one of the stocks seeing healthy investor interest as investors’ interest in gold stocks soars.
The remarks come as gold prices power and find support above the $3,200 an ounce level. According to RBC Capital Markets analysts, Barrick Gold stands out in balancing deep value with lower near-term cash flow. Likewise, the company is on course to achieve significant milestones.
Gold prices have rallied by more than 25% year to date, paving the way for Barrick Gold to generate significant returns from its operations. In addition, RBC Capital Markets notes that a trade agreement between the US and China to expedite the supply of rare earth metals, as well as the enduring ceasefire between Israel and Iran, bolsters demand for riskier assets.
Barrick Mining Corporation (NYSE:GOLD) is a leading global mining company primarily focused on the exploration, development, and production of gold and copper. Beyond gold, Barrick also engages in copper mining and exploration.
3. Centerra Gold Inc. (NYSE:CGAU)
Price to Earnings Ratio as of June 30: 9.31
Stock Upside Potential: 36.69%
Centerra Gold Inc. (NYSE:CGAU) is one of the 10 most undervalued gold stocks to buy, according to analysts. On June 25, analysts at National Bank reiterated the stock is an ‘Outperform.’ In addition, the analyst raised their price target of the stock to C$15.25 from C$13.50.
The positive outlook underscores National Bank’s confidence in Centerra Gold’s long-term prospects. The stance comes from the company generating positive free cash flow in the first quarter. It ended the quarter in a strong cash position of $608 million, ensuring financial flexibility.
Additionally, Centerra has reiterated its commitment to returning value to shareholders. It is in the process of repurchasing $75 million of its shares. The company is also advancing key growth initiatives, including the Mount Milligan PFS and Kemess PEA, which are expected to unlock additional value.
Centerra Gold Inc. (NYSE:CGAU) is a gold mining and exploration company. It explores, develops, and acquires gold and copper properties. Its operations are primarily focused on North America and Türkiye, with a commitment to safe and responsible mining practices.
2. Equinox Gold Corp. (NYSE:EQX)
Price to Earnings Ratio as of June 30: 10.85
Stock Upside Potential: 41.37%
Equinox Gold Corp. (NYSE:EQX) is one of the 10 most undervalued gold stocks to buy, according to analysts. On June 26, CIBC reiterated a ‘Neutral’ rating on the company’s shares. However, the analyst raised their price target of the stock to C$10 from C$9.50.
The price hike comes on the heels of Equinox achieving its highest first-quarter production in company history. The company produced 145,000 ounces of gold. The record production occurred against the backdrop of an improved total recordable injury frequency rate of 1.95 per million hours worked.
Following the completion of a merger with Caliber Mining, Equinox is on course to become the second-largest gold producer. Following the merger, Equinox boasts of a combined production target of 950,000 ounces.
Equinox Gold Corp. (NYSE:EQX) is a gold mining company focused on operating and developing gold mines in the Americas. The company owns and operates mines in Brazil, Mexico, and California and has a new mine in Canada (Greenstone).
1. Contango Ore, Inc. (NYSE:CTGO)
Price to Earnings Ratio as of June 30: 9.18
Stock Upside Potential: 44.93%
Contango Ore, Inc. (NYSE:CTGO) is one of the 10 most undervalued gold stocks to buy, according to analysts. On June 25, the company confirmed it had received a cash distribution of $21 million from the Peak Gold Joint Venture. Year to date, it has received $54 million in cash distribution.
The significant cash distribution is from the joint venture, which produces approximately 36,000 ounces of gold while maintaining a guidance of 60,000 ounces. Contango plans to use $7 million of the new payment to settle its debt under a credit facility. The payment should reduce the balance to $23 million.
Management has already revised its expected 2025 cash distribution to above $95 million. The upward revision is in response to gold prices averaging more than $3,100 for the year. The higher-than-expected cash flow is to be used to strengthen the cash position, fulfill hedge contracts, and advance permitting activities at the Johnson Tract project.
Contango Ore, Inc. (NYSE:CTGO) is a company that explores and develops gold and associated mineral properties in Alaska. It is a partner in the Peak Gold joint venture, which includes the Manh Choh gold mine, and also holds other leases and claims for exploration.
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