Gold has surged 75% in 2025 following a 21% gain in 2024, with MCX gold trading at ₹151,483 per 10gm on Tuesday. According to reports from Stock Market News, the rally has more than doubled since 2023, with fund managers seeing little reason to call time on the structural case for the yellow metal. The mid-2026 correction, with the VanEck Gold Miners ETF (GDX) falling roughly 35-37% from its February peak of about $117 to $73-76 by June-July, has not changed bullish views among investment professionals.
Gold miners' financial contributions to host countries reached unprecedented levels while environmental pressures intensify. According to Metals Focus Gold ESG Focus 2026 report, payments to governments surged 77% to a record $18.2 billion in 2025, with local procurement rising by $1.7 billion to a record $30.8 billion - marking an eighth consecutive annual increase. However, the report reveals concerning environmental trends as combined Scope 1 and 2 greenhouse gas emissions remained virtually unchanged at 29,898 kilotonnes of carbon dioxide equivalent, while average emissions intensity rose 7% to 0.9 tonnes per gold-equivalent ounce. Energy consumption increased 4.8% to 334 petajoules as average energy intensity jumped 12% to a record 10.2 gigajoules per gold-equivalent ounce.
The supply side reinforces the bullish case, with gold-mining equities seeing sharp repricing despite only 1% growth in mined supply. According to Stock Market News, the VanEck Gold Miners ETF (GDX) rose from an October 2023 low near $27 to more than $60 by mid-2025, before reaching nearly $117 in February 2026—almost four times its 2023 low. Industry lead times mean supply cannot respond quickly to higher prices, creating a structural imbalance that benefits mining companies. Trailing three-month net gold ETF flows have recovered from -2.3 million troy ounces to -1.4Moz in about six weeks, with the broader ETF complex remaining net positive for the first half of the year.
Canada's mining sector continues to demonstrate exceptional performance across multiple commodities, with mining stocks accounting for 18 of the 30 top-performing companies on the Toronto Stock Exchange based on three-year dividend-adjusted share price performance. Avino Silver & Gold Mines (TSX: ASM) delivered remarkable results with 958% three-year dividend-adjusted share price appreciation, while Lundin Mining (TSX: LUN) gained 252% over three years. In the first half of 2026, Lundin Mining produced 156,811 tonnes of copper (up 3% year-over-year) and 60,666 ounces of gold, with higher commodity prices driving 32% revenue growth to $2.4 billion and 69% increase in adjusted EBITDA to $1.3 billion. The diversified mining cohort includes four silver-focused companies, three copper producers, and one rare-earths company, highlighting the sector's exposure to commodities increasingly important to global electrification and infrastructure development.
