The trend of gold has continued its strong momentum from 2024, with the precious metal soaring to record highs in early 2025. In 2024, gold delivered an impressive return, surging over 30% for the year. Investors in the sector are celebrating as the price of gold per ounce reached a new all-time high on Friday, closing near $2,800. Similarly, the SPDR Gold Shares ETF (NYSEARCA: GLD) also hit an all-time high, bringing its year-to-date (YTD) gain to an impressive 6.8%.

For those looking to gain exposure to the sector, here’s what’s driving the latest rally in gold, along with three top-performing gold stocks to watch in 2025.

Gold Surges on Tariff Concerns and a Weak Dollar

A weakening U.S. dollar and ongoing global economic uncertainties have fueled gold’s record-breaking move. Spot gold surged well over 1% last week, surpassing its previous high from October 2024. The latest rally was driven by renewed fears surrounding President Donald Trump’s tariff policies, which have heightened concerns over global trade and inflationary pressures.

A weaker U.S. dollar makes gold more attractive to investors holding other currencies, as it is priced in U.S. dollars. The dollar’s weakness came in response to a widely anticipated rate cut by the European Central Bank (ECB). Data also show that U.S. inflation-adjusted GDP grew at an annualized rate of 2.3% in Q4 2024, down from 3.1% in the previous quarter.

Gold’s price action has been volatile since the 2024 U.S. elections. Initially, Trump’s victory led to a selloff in gold as investors rotated into riskier assets, anticipating pro-growth policies. However, the resurgence of trade tensions and economic uncertainty has reignited demand for the metal as a safe-haven asset. With ongoing geopolitical instability, gold’s strong performance may continue, making select gold stocks attractive for investors.

3 Top-Performing Gold Stocks YTD

Kinross Gold Corporation (NYSE: KGC) has emerged as one of the best-performing gold stocks in 2025, surging nearly 22% YTD.

The company operates mining projects in the U.S., Brazil, Chile, and other regions. Analysts have maintained a bullish stance on KGC, with the stock receiving a Moderate Buy consensus rating.

The company’s recent earnings report exceeded expectations. In Q3 2024, Kinross reported earnings per share (EPS) of $0.24, surpassing analyst estimates of $0.19.

Revenue climbed 29.9% year-over-year to $1.43 billion, exceeding projections of $1.32 billion. Investors should keep an eye on KGC’s upcoming earnings report, scheduled for February 12 before the market opens, as it could provide further catalysts for the stock.

AngloGold Ashanti (NYSE: AU), a global gold exploration and mining giant, has been the top-performing industry name YTD, surging 31%.

With operations spanning South America, Asia, and Africa, AU has benefited from rising gold prices and strong earnings performance.

AngloGold Ashanti posted an EPS of $0.60 in its last reported quarter, surpassing the consensus estimate of $0.51, a 17.65% positive earnings surprise. Revenue for the quarter reached $1.38 billion, exceeding expectations of $1.23 billion.

With its solid fundamentals and favorable industry tailwinds, AU remains a compelling choice for gold investors.

Gold Fields Ltd ADR (NYSE: GFI) has also delivered strong returns in 2025, rising 28% YTD.

The company operates gold mines in Chile, South Africa, Ghana, Canada, Australia, and Peru. It also explores copper and silver deposits, providing diversified exposure to precious metals.

Unlike KGC and AU, however, GFI faces notable technical resistance. While the stock has performed well YTD, it has yet to break above key overhead resistance levels, such as $18 per share. This could pose challenges for further upside momentum in the near term.

Investors should closely monitor GFI’s price action relative to these resistance points to gauge potential entry or exit opportunities.

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