# Stocks vs Gold: Which Asset Delivered Better Returns 2024‑2025?

**Published:** 2026-07-07T17:31:31.490Z  
**Topic:** Gold  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/1848452b-4885-4369-a589-d262a8ca0e21

Compare gold’s 2‑year price jump to the Nasdaq’s 57% gain and long‑term stock vs gold performance since 1972.

A gold price that rose from about $2,000/oz at the start of 2024 to over $5,250/oz in early 2026 has outpaced the Nasdaq Composite’s 57% total return for the same period, but the metal’s recent slide back into the low $4,000 range raises questions about its relative strength versus equities【2】.  

| At a glance | |
|---|---|
| Gold price peak (Mar 2026) | $5,250/oz |
| Gold price now (low 2026) | $4,000/oz |
| Nasdaq 2‑yr total return | +57% |
| S&P 500 2‑yr total return | +24% |
| Dec 2025 gold‑miner AISC (Newmont) | $1,680/oz |
| Dec 2025 gold‑miner AISC (AngloGold) | $1,751/oz |

## Gold’s recent rally and pullback  

The metal’s surge of more than 150% from early 2024 to early 2026 was driven by a wave of buying from central banks, institutional investors and retail hedgers seeking protection against inflation and a weakening U.S. dollar【2】. That rally dwarfed the Nasdaq’s 57% gain, which itself outperformed the S&P 500’s 24% rise over the same window【2】.  

Since the peak, gold has retreated to the low $4,000 range, still well above the $2,000 level a year earlier. The decline coincided with equities hitting fresh all‑time highs, suggesting investors are rotating back into risk assets as confidence in the dollar and growth outlook improves【2】.  

## Mining stocks versus the metal itself  

Gold‑mining firms such as AngloGold Ashanti (AU) and Newmont (NEM) have benefitted from the price run because their all‑in sustaining costs (AISC) remain well below market prices—$1,751/oz for AU and $1,680/oz for NEM in 2026, according to management statements【1】. With each $100 rise in gold price, Newmont’s AISC is expected to increase by $6 due to royalty structures, a modest drag on profitability【1】.  

Both companies posted strong 2025 results: AngloGold’s revenue jumped 71% to $9.7 billion and net income rose 160% to $2.6 billion, while Newmont’s revenue grew 21% to $22.7 billion and net income reached $7.1 billion, delivering a 32% net margin【1】. Their low debt‑to‑equity ratios (0.3x for AU, 0.2x for NEM) and robust free cash flow ($2.9 billion and $7.3 billion respectively) underscore solid balance sheets【1】.  

Despite the upside, mining stocks are not pure substitutes for physical gold. They track the commodity at about 85% correlation, but their share prices also reflect company‑specific risks—geopolitical exposure, legal disputes, and operational challenges—that can cause divergence from the metal’s price movements【1】.  

## What to watch  

- **U.S. CPI and Fed policy** – upcoming inflation data and the Federal Reserve’s next rate decision will influence both the dollar’s strength and gold’s hedge appeal.  
- **Gold price thresholds** – a break back above $4,500/oz could rekindle buying pressure, while a sustained dip below $3,800/oz may trigger further equity rotation.  
- **Mining‑company earnings** – Q2 2026 guidance from major miners, especially on AISC and free cash flow, will signal whether the sector can sustain profitability if gold prices stay modest.  

Gold’s dramatic two‑year rally has shown it can outperform equities in periods of heightened inflation risk, yet the recent pullback and the still‑strong performance of the Nasdaq highlight the trade‑off between a pure store of value and the growth potential of stocks. The next moves in inflation data and central‑bank policy will likely dictate which asset class regains the investor’s favor.

## Sources
1. The Motley Fool — [AngloGold Ashanti vs. Newmont: Which Gold Mining Stock Is a Better Buy in 2026?](https://www.fool.com/coverage/better-buy/2026/07/02/anglogold-ashanti-vs-newmont-which-gold-mining-stock-is-a-better-buy-in-2026/)
2. The Motley Fool — [Should You Buy the Dip on Gold as the S&P 500 and Nasdaq Hit All-Time Highs?](https://www.fool.com/investing/2026/05/28/buy-dip-gold-stock-market-all-time-highs/)
3. The Motley Fool — [Stocks vs. Gold: Which Has Been the Better Investment?](https://www.fool.com/research/stocks-vs-gold/)

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Cite as: TrendWatcher, "Stocks vs Gold: Which Asset Delivered Better Returns 2024‑2025?", https://www.trendwatcher.in/article/1848452b-4885-4369-a589-d262a8ca0e21