3 Gold Stocks to Watch as Iran Conflict Lifts Safe-Haven Demand

Meta Description: 3 Gold Stocks to Watch as Iran Conflict Lifts Safe-Haven Demand explains why rising geopolitical tension is drawing investors back to gold and which mining-linked names stand out for earnings momentum, portfolio quality, and market positioning.

Gold is once again at the center of investor attention. As tension around Iran intensified and the United States entered the conflict, markets quickly shifted toward traditional safe-haven assets. That move helped keep bullion prices elevated and renewed interest in companies tied to gold production, royalties, and streaming. A Zacks article published via Nasdaq on June 23, 2025, argued that a select group of gold-related stocks deserved close attention because they combined supportive industry conditions with favorable earnings trends and strong analyst sentiment. The original piece highlighted Royal Gold, Franco-Nevada, Harmony Gold Mining, and AngloGold Ashanti as names positioned to benefit from the environment.

Why Gold Moved Higher as the Iran Conflict Shook Markets

Whenever geopolitical risk rises sharply, investors often look for assets that can preserve value during uncertainty. Gold has long played that role. In mid-to-late June 2025, the metal drew renewed support as the conflict involving Iran and Israel widened and U.S. military action added another layer of uncertainty. Reuters reported that spot gold traded above $3,300 an ounce during this period, while separate June 23 reporting showed prices were still holding near historically strong levels even as a firmer U.S. dollar limited bigger gains. That backdrop aligned with the Zacks thesis that rising regional instability was encouraging a move back into gold-related investments.

The logic is simple. During periods of war risk, oil supply concerns, currency volatility, and broad market unease, investors often seek liquid assets with a long history of acting as stores of value. Gold does not generate income the way bonds do, but it often attracts flows when fear increases. In June 2025, prices climbed as traders weighed the risk of a wider Middle East conflict, possible supply disruptions, and the broader impact of military escalation on inflation, currencies, and global growth. Reuters also noted that gold’s advance was moderated at times by dollar strength, which can make bullion more expensive for buyers using other currencies. Even so, the overall picture still favored gold as a crisis hedge.

That matters for stocks tied to gold because these companies are not just passive reflections of metal prices. They can benefit in several ways at once. First, higher bullion prices may improve margins and cash generation. Second, stronger investor appetite for defensive exposure can lift valuations across the precious-metals space. Third, firms with improving earnings estimates can receive an additional boost if analysts become more optimistic about future profitability. The Zacks framework emphasized exactly that combination: supportive macro conditions, rising gold prices, and upward revisions in earnings expectations.

Why Gold Stocks Can Outperform the Metal Itself

Many investors buy bullion or exchange-traded funds when they want direct exposure to gold. But gold stocks can sometimes provide greater upside because they are operating businesses. A miner or royalty company may benefit not only from a higher gold price but also from production growth, cost control, asset quality, and disciplined capital allocation. If a company has efficient operations and strong reserve life, every move higher in gold can have an amplified effect on profits.

That leverage is one reason analysts often shift attention from the commodity to the companies around it when the gold market strengthens. Still, not all gold stocks are equal. Producers face risks related to labor, energy, political exposure, mine performance, and capital spending. Royalty and streaming companies tend to have different risk profiles because they collect revenue or metal-linked payments from a broad group of assets rather than operating mines directly. In uncertain times, that business model can appear especially attractive because it offers diversification and lower operating responsibility. The Zacks list included both royalty-focused names and traditional miners, giving investors several ways to express a bullish view on gold.

How Zacks Built the Bullish Case

The Zacks article leaned on two central ideas. The first was macro-driven: gold prices had been supported by worsening geopolitical tensions, especially in the Middle East, while the long-running Russia-Ukraine war also continued to reinforce demand for defensive assets. The second was company-specific: each highlighted stock carried either a Zacks Rank #1 (Strong Buy) or #2 (Buy), and each showed improving earnings expectations over the prior 60 days. That matters because the Zacks ranking system is heavily tied to changes in analysts’ earnings estimates. When estimates move up, it often signals growing confidence in near-term fundamentals.

The article also referenced broader structural support for gold, including central-bank buying and signs of constrained industry supply. While those points were presented in summary form, they fit a wider pattern seen across the gold market in 2025: official-sector demand remained elevated, investment demand was strong, and the market continued to absorb geopolitical shocks with relatively firm pricing. The World Gold Council later reported that total gold demand in 2025, including over-the-counter activity, exceeded 5,000 tonnes for the first time, while Reuters reported investment demand surged and central-bank buying remained historically high. Those broader trends help explain why analysts were willing to look beyond short-term market noise and focus on sustained strength in gold-linked names.

The Three Gold Stocks to Watch Most Closely

Although the source article named four companies, three stand out as especially compelling ways to track safe-haven demand through different business models: Royal Gold (RGLD), Franco-Nevada (FNV), and AngloGold Ashanti (AU). Together, they offer exposure to royalties, diversified streams, and global mine operations. Harmony Gold Mining was also included in the original Zacks list and remains relevant, but these three best capture the range of opportunity that investors may be seeking in a high-gold-price environment.

1) Royal Gold: A Lower-Operational-Risk Way to Play Gold Strength

Royal Gold is not a traditional miner. Instead, it acquires and manages precious-metals stream and royalty interests, with a primary focus on gold. That distinction is important. Because the company generally earns exposure through agreements tied to production rather than by directly operating mines, it may avoid some of the cost overruns, operational disruptions, and capital-intensity pressures that affect mine operators. In a shaky geopolitical and macro environment, investors often appreciate this cleaner business model.

Zacks highlighted Royal Gold’s expected earnings growth rate of 35.9% for the current year. It also noted that the consensus estimate for current-year earnings had improved 9.3% over the previous 60 days. That kind of revision trend can be powerful because it suggests analysts increasingly believe the company is set to deliver better-than-previously-expected results. Royal Gold was assigned a Zacks Rank #1, underscoring the positive momentum in sentiment around the stock at the time.

From an investment perspective, Royal Gold can appeal to those who want gold exposure with less direct mine execution risk. If bullion prices stay firm because safe-haven demand remains elevated, the company’s royalty model could allow it to participate in that upside without taking on the same degree of operating complexity as a conventional producer. That does not make it risk-free, of course. Royal Gold still depends on counterparties, project output, commodity prices, and asset quality. But in a market environment shaped by uncertainty, its structure may be viewed as a relative strength.

2) Franco-Nevada: Diversification, Scale, and Earnings Momentum

Franco-Nevada is another company built around the royalty and streaming model, but its portfolio is broader and more diversified. According to the Zacks piece, the company is gold-focused yet also has interests in silver, platinum group metals, oil and gas, and other resource assets. It reported a portfolio that included 54 producing assets, 41 advanced projects not yet in production, and interests in 223 exploration-stage mining properties. That breadth gives Franco-Nevada a different risk-reward profile from single-region or single-mine operators.

The article cited an expected earnings growth rate of 41.7% for the current year and noted that the consensus earnings estimate had risen 6.3% over the previous 60 days. Like Royal Gold, Franco-Nevada carried a Zacks Rank #1. Those figures supported the idea that the stock was not merely a generic gold trade. It was also a name with improving earnings momentum, something that can help sustain investor interest even when the gold market experiences short-term swings.

Franco-Nevada’s investment case rests on resilience and optionality. Its producing assets generate current cash flow, while advanced and exploration assets provide future upside. That layered portfolio can be especially valuable when gold is strong, because a favorable price environment can improve the economics of a wider set of projects across the company’s network. For investors looking for a relatively diversified precious-metals exposure tied to safe-haven demand, Franco-Nevada arguably offers one of the most balanced profiles in the group.

3) AngloGold Ashanti: High Earnings Torque in a Rising Gold Market

AngloGold Ashanti represents a more traditional mining route into the gold trade. The company operates in Africa, the Americas, and Australia, and the Zacks article identified the Geita project as its flagship property. Unlike royalty companies, AngloGold is directly tied to mine performance, production efficiency, and the realities of operating across multiple jurisdictions. That brings greater execution risk, but it can also create stronger upside when gold prices are high and operations perform well.

The most eye-catching figure in the article was AngloGold Ashanti’s expected earnings growth rate of more than 100% for the current year. Even more striking, the Zacks Consensus Estimate for current-year earnings had improved 97.2% over the previous 60 days. The stock also carried a Zacks Rank #1. Those numbers suggest the market’s earnings outlook had changed dramatically, likely reflecting both the stronger gold-price environment and improving operational expectations.

For investors who believe gold prices can remain elevated or move even higher, AngloGold offers more direct leverage to that thesis. If bullion holds above key levels, producers with quality assets and solid execution often see outsized benefit. The trade-off is that miners are more vulnerable to local disruptions, inflation in labor or energy costs, and country-specific issues. Even so, when analysts aggressively lift earnings estimates, it usually signals that the company’s opportunity set has become difficult to ignore. That was clearly part of the bullish case here.

The Fourth Name Mentioned: Harmony Gold Still Belongs in the Conversation

Harmony Gold Mining was the fourth stock named in the original article, and it should not be overlooked. Zacks described Harmony as a company engaged in underground and surface gold mining as well as related activities such as exploration, processing, smelting, and refining. It also noted that Harmony was South Africa’s biggest gold producer by volume, with output of 1.47 million ounces in fiscal 2023. The company’s expected earnings growth rate for the current year was listed at 14.3%, and its consensus estimate had improved 3.7% over the previous 60 days. Like the others, it held a Zacks Rank #1.

Harmony may not have posted the same headline-grabbing estimate revision as AngloGold, but it still fits the broader theme of investor interest in gold producers with supportive earnings trends. Its inclusion reinforces the point that the bullish case was not confined to one segment of the sector. Instead, it stretched across royalty companies and operating miners alike.

What Makes This Gold Rally Different

Not every rally in gold is created the same way. Some are powered mainly by falling real interest rates. Others are driven by currency weakness, recession fears, or central-bank buying. The mid-2025 setup reflected a blend of several forces at once. First, geopolitical risk had risen sharply. Second, the market was still digesting broader global instability, including the continued Russia-Ukraine war. Third, gold demand was receiving support from central banks and investment flows. And fourth, the industry faced questions about supply and project development, which can support higher prices when demand stays strong.

Reuters reporting from June 2025 showed that even when a stronger dollar prevented a larger breakout, gold remained firm enough to keep investors engaged. That resilience is notable. It suggests the safe-haven bid was real, not just a one-day panic spike. In practical terms, this is the sort of market where gold equities can continue to attract interest as long as earnings expectations keep moving up and geopolitical risks do not fade too quickly.

Risks Investors Should Not Ignore

Still, no gold trade moves in a straight line. The biggest near-term risk is that safe-haven demand can cool very fast if tensions ease. Reuters reported that on June 24, 2025, gold fell after news of a ceasefire between Israel and Iran reduced demand for defensive assets. That drop shows how sensitive bullion can be to headlines, especially during conflict-driven rallies. Investors chasing gold stocks after a sharp move higher must remember that peace signals, stronger real yields, or a surging dollar can all weigh on the sector.

There are also company-specific risks. Royalty firms depend on the health and output of the underlying projects they finance. Miners face challenges ranging from rising energy costs to labor disputes, environmental obligations, reserve depletion, and political risk in host countries. A bullish macro setup can help, but it does not eliminate execution risk. That is why many investors compare business models carefully before choosing between royalty names and traditional producers.

Frequently Asked Questions

Why does conflict in Iran affect gold prices?

Conflict raises uncertainty around oil supply, inflation, currencies, and global growth. In that environment, investors often move into traditional safe-haven assets like gold. Reuters and the Zacks article both linked rising Middle East tension to stronger interest in bullion.

Why buy gold stocks instead of physical gold?

Gold stocks can offer leverage to rising bullion prices. If a company controls costs and performs well operationally, its earnings may rise faster than the metal itself. Royalty firms can also provide diversified exposure with different risk characteristics than owning physical gold.

Which type of company is safer: a miner or a royalty company?

Neither is automatically safe, but royalty companies like Royal Gold and Franco-Nevada generally carry less direct mine-operating risk. Traditional miners may offer more upside in a strong gold market, but they also face greater execution risk.

Why were earnings estimate revisions important in this article?

The Zacks Rank system places major emphasis on changes in analysts’ earnings estimates. When estimates rise, it can indicate improving confidence in a company’s outlook. All four gold names in the article had upward revisions and ranks of #1 or #2.

Could gold prices fall even if geopolitical risk remains high?

Yes. A stronger U.S. dollar, higher yields, profit-taking, or a change in market focus can pressure gold. Reuters reported that gold slipped on June 23 as the dollar strengthened and fell further on June 24 after ceasefire news reduced safe-haven demand.

What is the simplest takeaway for investors?

If geopolitical stress keeps safe-haven demand elevated, gold-related stocks may continue to benefit. Among the names highlighted, Royal Gold offers a lower-operational-risk structure, Franco-Nevada offers diversification, and AngloGold Ashanti offers stronger direct earnings torque to a rising gold price.

Final Takeaway

The original Zacks article made a straightforward argument: when war risk rises and investors rush toward safe-haven assets, gold-related equities deserve renewed attention. On June 23, 2025, that argument was supported by a market backdrop of elevated bullion prices, geopolitical instability centered on Iran, and improving earnings expectations for several well-known names in the sector. Royal Gold, Franco-Nevada, Harmony Gold, and AngloGold Ashanti all fit the screen, but Royal Gold, Franco-Nevada, and AngloGold Ashanti stand out as especially useful stocks to watch because they provide three different ways to benefit from the same macro theme.

For investors, the lesson is not just that gold can rally during crisis. It is that the best opportunities may emerge where macro support meets improving company fundamentals. In this case, that meant pairing safe-haven demand with estimate revisions, earnings growth potential, and business-model strength. As long as geopolitical uncertainty remains part of the market narrative, these gold stocks are likely to stay on watchlists. For more background on the broader gold market, the World Gold Council remains a useful industry reference.

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