What on earth is going on with ASX 200 gold stocks like Northern Star today?

S&P/ASX 200 Index (ASX: XJO) gold stocks, including Northern Star Resources Ltd (ASX: NST), are getting hammered today.

On the last full trading day of 2025, the ASX 200 is just about flat in early afternoon trade.

And the benchmark Aussie index certainly isn't getting any help from the gold mining sector.

Here's how these top ASX 200 gold stocks are performing at this same time:

• Northern Star shares are down 3.0%
• Newmont Corp (ASX: NEM) shares are down 4.3%
• Ramelius Resources Ltd(ASX: RMS) shares are down 2.8%
• Evolution Mining Ltd (ASX: EVN) shares are down 4.8%
• Bellevue Gold Ltd (ASX: BGL) shares are down 2.5%
• Genesis Minerals Ltd (ASX: GMD) shares are down 3.5%
• Perseus Mining Ltd (ASX: PRU) shares are down 2.8%
• Vault Minerals Ltd (ASX: VAU) shares are down 1.0%
• Westgold Resources Ltd (ASX: WGX) shares are down 3.3%

What's pressuring ASX 200 gold stocks today?

The big retrace in the Aussie gold miners today comes on the heels of a sizeable retrace in the record-setting gold price.

Over the weekend, the yellow metal notched new record highs of US$4,533 per ounce, and gold was trading for US$4,516 on Monday. But the gold price has now slipped 4.8% from its new highs, currently trading for US$4,336.

As you'd expect, this has some investors reaching for their sell buttons today.

And with the gold price still up an impressive 66% in 12 months, longer-term investors choosing to sell today should be booking some tidy end-of-the-year profits.

Here's how the same ASX 200 gold stocks have performed over the past full year:

• Northern Star shares are up 67.3%
• Newmont shares are up 144.3%
• Ramelius Resources shares are up 90.4%
• Evolution Mining shares are up 154.0%
• Bellevue Gold shares are up 48.0%
• Genesis Minerals shares are up 182.7%
• Perseus Mining shares are up 114.9%
• Vault Minerals shares are up 148.8%
• Westgold shares are up 118.9%

Is the golden bull run over in 2026?

While the future is unknown by definition, many analysts are forecasting further gains in the gold price in 2026.

Saxo Bank's head of commodity strategy, Ole Hansen, for example, expects the gold price to reach US$5,000 per ounce next year.

"As we head into 2026, gold is no longer just a hedge against inflation or falling rates," he said. "It is increasingly a cornerstone asset in a world defined by fragmentation, fiscal strain, and geopolitical uncertainty."

If 2026 does see bullion continue to march higher, then we can expect more outperformance from these surging ASX 200 gold stocks.

The post What on earth is going on with ASX 200 gold stocks like Northern Star today? appeared first on The Motley Fool Australia.

Motley Fool contributor Bernd Struben 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.

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