Gold Surges on Venezuela Crisis: 3 ASX Gold Stocks Set to Benefit

ASX Gold Stocks jump as Venezuela crisis sparks gold demand

Gold prices climbed to a one-week high on Monday after the United States captured Venezuelan President Nicolás Maduro over the weekend, lifting safe-haven demand and putting ASX gold stocks firmly back in focus. Spot gold rose 2.9% to around US$4,453 per ounce, edging closer to its record peak of US$4,549 set in late December. For Australian gold investors, this geopolitical shock adds fresh momentum to a sector that already delivered extraordinary gains in 2025.

Gold gained roughly 65% last year, its strongest annual performance since 1979, and analysts at Standard Chartered now expect prices could reach US$4,800 per ounce in 2026. Global X and Saxo Bank are even more bullish, targeting US$5,000.

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Why Venezuela Matters for Gold Investors

The Venezuela situation has reactivated safe-haven demand at a time when gold was already well-supported by Fed rate cut expectations and central bank buying. President Trump’s comments about potential military action against Colombia and Mexico add further uncertainty, which typically keeps gold demand elevated.

What makes this catalyst significant is that it builds on existing tailwinds. Central bank buying remains robust, ETF inflows have resumed, and the Fed is expected to continue easing this year. This suggests the rally has fundamental support rather than being purely reactionary.

For ASX gold producers, the math is compelling. With spot gold above US$4,400 per ounce (approximately A$6,500), margins are expanding significantly for producers with all-in sustaining costs in the A$2,000 to A$2,700 range.

3 ASX Gold Stocks Set to Benefit

Northern Star (ASX:NST)

Northern Star is Australia’s largest gold producer with a market cap exceeding A$35 billion, operating mining centres at Kalgoorlie and Yandal in Western Australia, plus Pogo in Alaska. Despite shares falling 8.6% on Friday after trimming FY26 production guidance, the company maintains A$1.5 billion in cash and bullion with no debt.

Analyst consensus remains bullish with an average price target around A$29, representing roughly 15% upside from current levels near A$25.15. Friday’s sharp sell-off has already begun reversing, suggesting the elevated gold price is acting as a floor for patient investors seeking scale and balance sheet strength.

Ramelius Resources (ASX:RMS)

2025. The mid-tier producer operates focused Western Australian assets, including the Mt Magnet and Edna May gold mines, generating strong cash flows that have funded an A$250 million buyback program and higher dividends.

Brokers are eyeing A$4.70 (9% upside from current levels), with some analysts seeing 50%+ gains in 2026 if gold prices continue climbing. The company’s focused asset base and strong operational track record make it a favourite among institutions seeking quality mid-tier exposure.

Evolution Mining (ASX:EVN)

Evolution surged 163% in 2025, transforming from an underperformer to one of the ASX’s strongest gold plays. The company sold around 750,000 ounces in FY25 from six mines across Australia and Canada, with the Northparkes copper-gold acquisition adding diversification.

At current prices around A$12.8, shares have outperformed the ASX by over 130% in the past year. Evolution’s operational improvements and exposure to both gold and copper provide a differentiated investment case for those seeking diversified precious metals exposure.

The Investor’s Takeaway

The Venezuela intervention has added urgency to an already bullish gold outlook. Northern Star offers scale and a recent pullback as an entry point. Ramelius provides momentum and shareholder returns. Evolution delivers diversification through copper exposure.
The key risk remains that geopolitical-driven rallies can fade quickly if tensions ease, so position sizing remains important.