Good as gold: 5 best ASX 200 gold shares of 2024

It was a glittering year for the precious metal and these stocks certainly benefitted.

A cool man smiles as he is draped in gold cloth and wearing gold glasses.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

sdf

ASX 200 gold shares had a phenomenal run last year as the commodity price soared to record levels.

Although materials was the second-worst performing market sector last year, gold stocks were a shining exception to their mining industry peers.

This is exemplified by the impressive 14.33% rise in the S&P/ASX All Ordinaries Gold Index (ASX: XGD) in 2024 compared to the 17.27% fall in the S&P/ASX 200 Materials Index (ASX: XMJ).

By comparison, the S&P/ASX 200 Index (ASX: XJO) lifted 7.49% (and delivered 11.44% total returns).

The gold price rose by 27% last year, representing the commodity's best annual performance since 2010.

The gold price hit an all-time record of US$2,781.9 per ounce on 30 October.

Trading Economics analysts said the rally was largely due to gold being a popular safe-haven investment during periods of global economic uncertainty.

There was higher demand for the precious metal last year. This was due to record levels of purchasing among central banks amid wars in the Middle East and Ukraine and US monetary policy easing.

Top 5 ASX 200 gold shares of 2024

1. West African Resources Ltd (ASX: WAF)

This ASX 200 gold share soared 51.05% to close the year at $1.44 on 31 December.

In its last quarterly update, West African Resources said it was on track to deliver the upper end of its 2024 unhedged gold production guidance of 190,000 to 210,000 ounces at an all-in-sustaining cost (AISC) of less than US$1,300 per ounce. This is less than half the current global gold price.

2. De Grey Mining Limited (ASX: DEG)

This ASX 200 gold share soared 42.34% to close the year at $1.77 apiece.

Last month, De Grey Mining announced a $5B takeover deal with the ASX 200's biggest gold miner, Northern Star Resources Ltd (ASX: NST). De Grey Mining shareholders will receive 0.119 Northern Star shares per De Grey share held. As my colleague James reported, the deal implied an offer price of $2.08 per share, which was a 36.8% premium to the De Grey Mining share price at the time.

3. Perseus Mining Ltd (ASX: PRU)

This ASX 200 gold share soared 38.92% last year to finish at $2.57 apiece.

Perseus delivered record financial results and capital returns in FY24. Its net profit after tax (NPAT) was US$364.8 million, up 14%. It reported 509,977 ounces of gold production at an AISC of US$1,053 per ounce. Its average sale price was US$2,014 per ounce.

4. Genesis Minerals Limited (ASX: GMD)

This ASX 200 gold share soared 37.99% to close out the year at $2.47 on 31 December.

As my colleague James reported, Bell Potter is bullish on the Western Australian developer.

The broker explained why it had placed Genesis Minerals on its best ideas list:

Following a period of significant M&A activity, GMD has outlined plans to grow production to 325kozpa by FY29 (from 135koz in FY24), and 350kozpa by FY34. GMD aspires to get to 400kozpa and has significant optionality within its existing Resource portfolio.

GMD guides to near term growth with FY25 production guidance of 190koz to 210koz, a ~50% increase on FY24, and recently restarted the Laverton Gold Processing plant. Management is highly experienced, well known and respected. The combination of growing production, declining costs and a supportive gold price, will progressively enhance GMD as a growth platform.

5. Capricorn Metals Ltd (ASX: CMM)

This ASX 200 gold share soared 33.33% last year to end 2024 at $6.28.

At the 2024 annual general meeting, management told investors the company had more than 4 million ounces of gold reserves at its Mt Gibson and Karlawinda projects, with funded annual production growth to 300,000 ounces. Capricorn Metals acquired the prospective Sylvania Project tenements covering approximately 1,740 square kilometres and bordering Karlawinda last month.

Motley Fool contributor Bronwyn Allen 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.

More on Gold

A group of three miners in hard hats and high visibility vests confer at a rocky mining site.
Broker Notes

Up 66% in a year, just how much more upside does Macquarie tip for Perseus Mining shares?

Just how much higher might Perseus Mining shares soar? Here’s what Macquarie had to say about the ASX 200 gold…

Read more »

Rising gold share price represented by a green arrow on piles of gold block.
Share Gainers

2 ASX All Ords stocks that would already have more than doubled your money this year

These ASX All Ords stocks have gained 126% and 145% year to date. But how?

Read more »

A woman holds a gold bar in one hand and puts her other hand to her forehead with an apprehensive and concerned expression on her face after watching the Ramelius share price fall today
Gold

Guess which ASX 200 gold stock is sinking 7% on five-year guidance update

Let's see what this gold miner has announced this morning.

Read more »

A man analyses stockmarket graph on his computer.
Gold

Up 132% in a year, why is the Evolution Mining share price gaining again today?

Investors are piling into Evolution Mining shares on Friday. But why?

Read more »

A man holds his head in his hands, despairing at the bad result he's reading on his computer.
Gold

ASX 300 gold stock crashes 8% on guidance update

This gold miner is having a tough session on Friday. But why?

Read more »

View of a mine site.
Gold

Up 70% in a year, why this fund manager is calling time on this soaring ASX 200 gold stock

A leading investment expert foresees headwinds for this surging ASX 200 gold miner.

Read more »

A man standing in a red rock mine is covered by a sheet of gold blowing in the wind.
Gold

Up 305% in a year, what's got investors so excited about this ASX gold share?

'First gold' is imminent...

Read more »

Rising gold share price represented by a green arrow on piles of gold block.
Gold

Why are ASX 200 gold stocks going gangbusters today?

Investors are piling into the ASX 200 gold miners today. But why?

Read more »