What an astounding year for gold, with the commodity price rising by more than 60% to above US$4,200 per ounce in 2025.

And that was after a 27% rise in 2024, which at the time was gold’s best annual performance since 2010.

The gold price reached an all-time high of US$4,381.58 per ounce in October after a phenomenal two-year run.

But can it go even further?

Experts seem to think so, with a Goldman Sachs poll revealing a high level of confidence among institutional investors.

Before we get into the poll results, let’s recap what’s happened to the gold price this year.

Why did the gold price rip in 2025?

Strong and continuing structural demand from central banks created an incredible tailwind for the gold price this year.

Goldman Sachs Research analyst, Lina Thomas, estimates that central banks have increased their gold purchases by about 5x since 2022.

The catalyst was Russia’s foreign-currency reserves being frozen following its invasion of Ukraine.

This year, global concern about the reliability of the US dollar as the reserve currency has encouraged further hoarding of gold.

Meanwhile, investors have piled into ASX gold shares and gold ETFs, pushing their share and unit prices to new heights.

This year, the S&P/ASX All Ords Gold Index (ASX: XGD) has surged 107% versus a 5% bump for the S&P/ASX All Ords Index (ASX: XAO).

The biggest gold mining share, Northern Star Resources Ltd (ASX: NST), is up 75% to $27.11 per share.

The Evolution Mining Ltd (ASX: EVN) share price has soared 143% to $11.75.

Newmont Corporation CDI (ASX: NEM) shares are up 130% to $138.76.

Among the gold ETFs, Betashares Global Gold Miners Currency Hedged ETF (ASX: MNRS) has rocketed 136% to $14.70 per unit.

The VanEck Gold Miners AUD ETF (ASX: GDX) is up 127% to $125.79 per unit.

Insto investors confident gold can go further in 2026

Goldman Sachs conducted a poll of 900 institutional clients from 12 to 14 November.

The broker found almost 70% of investors expect the gold price to exceed US$4,500 per ounce by the end of next year.

More than one in three investors — or 36% — anticipate the gold price exceeding US$5,000 per ounce by this time next year.

About 22% of investors expect the gold price to finish 2026 somewhere between US$4,000 and $US4,500 per ounce.

Only a very small portion of insto investors were bearish on the gold price.

About 6% expect gold to fall to between US$3,500 and $US4,000 per ounce, and 3% predict it will go below US$3,500 per ounce.

The investors cited central bank buying (38%) and fiscal concerns (27%) as the likely primary drivers of the gold price next year.

Russel Chesler, VanEck’s Head of Investments and Capital Markets, says there is always a place for gold in investment portfolios.

In an article, Chesler said:

Unlike other assets, gold is not tied to corporate earnings, interest rate policies or government fiscal decisions.

It moves to the beat of its own drum, providing valuable diversification.

Gold, we think, has an important role to play in portfolios.

The post 70% of institutional investors expect gold price to rise in 2026 appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. 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.

ASX growth shares can generate strong returns for investors over the long term; however, it may be a good idea to consider investments that provide exposure to markets outside of Australia.

The local economy is a great place to operate, but there are also significant opportunities elsewhere. Australia is a relatively small part of the global economy.

Let’s look at two ASX growth share investments that could deliver strong returns, in my opinion.

Betashares Global Quality Leaders ETF (ASX: QLTY)

This exchange-traded fund (ETF) focuses on investing in 150 of the highest-quality businesses from across the world.

These businesses rank well on four different quality metrics. First, they have a high return on equity (ROE). Second, they have a low debt-to-capital ratio. Third, they have strong cash flow ability. Finally, they provide earnings stability (and growth).

When you put all of those factors together, it’s no wonder the fund has managed to return an average of 15% per year since November 2018 (when it was started). Of course, past performance is not a guarantee of future performance. With a return like that, I’d call that an ASX growth share (it’s listed on the ASX, and it’s about investing in shares).

Another reason to like this fund is the diversification. I like that there are four sectors with a double-digit allocation within the portfolio: IT, industrials, healthcare, and financials. IT seems like the most compelling industry, with strong margins and growth prospects, so it’s pleasing that it makes up more than a third of the portfolio.

I think many Australian investors could benefit by having a bigger allocation to good assets outside of Australia, and this investment could be a good way to get that exposure.

Tuas Ltd (ASX: TUA)

Tuas is one of the largest positions in my portfolio that I’d describe as an ASX growth share.

It’s a Singaporean telecommunications business that is rapidly capturing market share through its value offerings across different price points.

The company’s FY25 results included a lot of pleasing growth for shareholders. Active mobile subscribers grew by approximately 200,000 to 1.25 million, and active broadband services rose by around 23,000 to 25,592.

This helped revenue increase by 29% to $151.3 million, and operating profit (EBITDA) grew by 38% to $68.4 million. The net profit after tax (NPAT) increased by $11.3 million to $6.9 million.

One of the most important factors of the company’s future success is the rising profit margins, which will allow the ASX growth share’s net profit to rise at a faster pace than revenue, which is usually what investors value a business on.

FY25 saw the company’s EBITDA margin increase to 45%, up from 42%, representing a pleasing rate of improvement. I think there’s room for further growth.

There are two factors that I believe could contribute significantly to the business’ growth in the coming years. First, it’s acquiring a Singapore competitor called M1, which will significantly improve the company’s market share and profitability. Second, the company could expand into other nearby Asian countries such as Malaysia and Indonesia.

The post These 2 ASX growth shares are ideal for Australians appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison has positions in Tuas. 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.

I think it’s a great time to invest in ASX shares after a recent bout of volatility. Some of the best investments are trading more cheaply.

The best businesses don’t often become cheap, but I believe it’s always a good time to invest in companies with strong economic moats, even if they still don’t appear good value.

If I had $20,000 to invest in ASX shares, I’d happily invest in the four in this article in a heartbeat. I did recently put money into the first three and I have an intention to buy more of the fourth stock of my list, if the valuation stays as appealing.

TechnologyOne Ltd (ASX: TNE)

The enterprise resource planning (ERP) software business has fallen 23% in the last month alone, despite reporting a strong level of growth in its recent result.

FY25 saw revenue rise 18% and profit before tax (PBT) growth of 19%. The company continues to unlock at least 15% revenue growth from its existing client base each year by investing significantly in its software for customers.

By growing revenue at 15% per year, it can double its top line within five years, which is a strong growth rate. If the company continues winning new customers in the UK, it’ll continue to be on a very pleasing path.

According to the forecast on CMC Markets, the ASX share is trading at 58x FY26’s estimated earnings.

MFF Capital Investments Ltd (ASX: MFF)

This is best known as a listed investment company (LIC) that focuses on investing in high-quality international shares. Its portfolio includes Alphabet, Mastercard, Visa, Meta Platforms, Amazon and Microsoft.

Past performance is not a guarantee of future returns, but according to CMC Markets, it has delivered an average return per year of 15.8% over the last five years.

Aside from the growing dividend, one of the most appealing aspects of this investment is that it’s usually trading at a 10% discount to its underlying net tangible asset (NTA) value. Who doesn’t like buying a piece of great businesses at a double-digit percentage discount?

MFF is one of my biggest holdings and I’m even more optimistic on the ASX share after its recent acquisition of the funds management business Montaka.  

VanEck Morningstar Wide Moat ETF (ASX: MOAT)

This exchange-traded fund (ETF) was one of my latest investments and I’m glad that it’s now part of my portfolio.

I really like the investment strategy of this fund and it gives me exposure to shares I wouldn’t own a small piece of otherwise.

It invests in US shares that are seen as having economic moats (competitive advantages) that are expected to endure for at least two decades, allowing the business to generate strong profits. Additionally, the fund only buys when those businesses are trading at attractive value.

Past returns are not a guarantee of future returns, but I think it can continue its long-term track record of net returns in the mid-teens.

Temple & Webster Group Ltd (ASX: TPW)

The Temple & Webster share price has fallen heavily – 31% at the time of writing – since the ASX share’s AGM trading update which showed sales growth had slowed in the last few months.

But, I’m expecting ongoing double-digit sales growth to enable the business to become much larger and unlock strong operating leverage.

The company is investing in technology and AI to improve its costs, boost the customer experience and deliver stronger conversion.

If its core offering continues growing, combined with impressive home improvement and trade and commercial sales, its future looks positive. I hope to buy more shares of this great business in the coming weeks if the valuation stays at this level (or goes lower).

The post Where I’d invest $20,000 into ASX shares right now appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison has positions in Mff Capital Investments, Technology One, Temple & Webster Group, and VanEck Morningstar Wide Moat ETF. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Alphabet, Amazon, Mastercard, Meta Platforms, Microsoft, Technology One, Temple & Webster Group, and Visa. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool Australia has recommended Alphabet, Amazon, Mastercard, Meta Platforms, Mff Capital Investments, Microsoft, Technology One, Temple & Webster Group, VanEck Morningstar Wide Moat ETF, and Visa. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

S&P/ASX 200 Index (ASX: XJO) stocks closed higher on Tuesday, up 0.17% to 8,579.7 points.

In this article, we reveal analysts’ latest opinions on ASX gaming stocks, including sector leader Aristocrat Leisure Ltd (ASX: ALL).

Let’s take a look.

ASX gaming stocks: Buy, hold, or sell?

Let’s start with the ASX gaming sector leaders.

Aristocrat Leisure Ltd (ASX: ALL)

This Australian poker machine and digital games developer is the largest ASX gaming stock with a market capitalisation of $36 billion.

The Aristocrat share price closed at $58.06 on Tuesday, down 0.6%.

Last month, Aristocrat revealed an 11% increase in revenue to $6,297 million for FY25.

Morgans responded by raising its rating from accumulate to buy and cutting its 12-month price target from $77 to $73.

The broker commented:

Headline numbers were broadly in line with both our and market expectations, though a few soft spots emerged beneath the surface.

Encouragingly, management expects the business to return to its normalised growth range moving forward.

UBS reiterated its buy rating following Aristocrat’s results, with a price target of $72.70.

Light & Wonder Inc. CDI (ASX: LNW)

Light & Wonder is a US company and the second-largest ASX gaming stock with a market cap of $12 billion.

The Light & Wonder share price finished the session at $153.27, up 0.3% yesterday.

Morgans has a buy rating on Light & Wonder shares with a price target of $175 following the company’s 3Q FY25 results.

The broker said:

LNW delivered record margin expansion across all three segments, with iGaming operating leverage the standout performer, while land-based margins surprised on favourable product mix as Grover scales and premium installed base momentum continues.

UBS reiterated its buy rating on this ASX gaming stock with a much more ambitious price target of $206.

If you prefer small-caps…

Jumbo Interactive Ltd (ASX: JIN)

Australian lottery and online gaming services provider Jumbo Interactive has a market cap of $675 million.

Jumbo Interactive shares closed at $10.76 on Tuesday, up 1%.

Morgans noted substantial M&A activity in October as part of the company’s pivot from the business-to-business (b2b)/software-as-a-service (SaaS) segment to the higher-growth business-to-consumer (b2c) market.

Jumbo acquired the UK’s Dream Car Giveaways, and bought its first US competition, the Dream Giveaway, in October.

The broker maintained its buy recommendation on Jumbo Interactive shares and lifted its price target from $15.90 to $16.60.

Morgans said:

We view this as disciplined capital allocation: Acquiring proven profitable assets at reasonable multiples with clear operational improvement pathways.

The two B2C acquisitions combined add a base line A$24m in pro-forma EBITDA.

Jarden reiterated its buy rating with a price target of $13.40 to $13.70 on the ASX gaming stock.

Morgan Stanley also has a buy rating but is more optimistic on share price growth with a $16.80 target.

betr Entertainment Ltd (ASX: BBT)

Morgans reckons sports and racing betting group betr Entertainment is a great buy.

The ASX gaming stock touched a 52-week low of 21 cents on Friday, down 25% over the past year.

Yesterday, Betr shares closed at 22 cents, up 4.8%.

Morgans maintained a buy rating on betr shares after the company reported a 27% lift in turnover for 1Q FY26.

The broker said:

Turnover, gross win, and net win margins all exceeded forecasts, supported by improved customer engagement and product mix.

We take encouragement that the recent lift in brand and product investment is now translating into operating momentum.

The balance sheet remains in a strong position, providing flexibility to pursue both organic and inorganic growth opportunities.

The broker has a price target of 43 cents on the ASX gaming stock, suggesting a potential doubling of the share price over the next year.

Betr Entertainment has a market cap of $218 million.

The post ASX gaming stocks: Should you try your luck? appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Jumbo Interactive and Light & Wonder Inc. The Motley Fool Australia has recommended Jumbo Interactive and Light & Wonder Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

CSL Ltd (ASX: CSL) shares dipped 0.11% for the day on Tuesday. At the close of the ASX, the share price was $183.44. The decline is small though, and off the back of a 3.64% increase over the past month it sparks the question: Have CSL shares finally reached the bottom?

What happened to CSL shares?

The biotech company’s shares suffered a brutal sell-off in mid-August. This followed CSL’s FY25 results, where a surprise restructure announcement strategic demerger sparked an investor panic. Investors weren’t happy with the announcement and sold off their shares in fear. As a result, the CSL share price lost around a fifth of its value within just one week. At the time, analysts said the investor reaction was overdone and unwarranted. 

Just two and a half months later, in late-October, the company’s share price dropped another 19.2% to a seven-year low after it downgraded its FY26 revenue and profit growth guidance. Management had originally forecast an FY26 revenue growth of 4-5% and forecast net profit after tax before amortisation (NPATA) to grow 7-10%. But in October this was downgraded to FY26 revenue guidance of 2-3% and NPATA growth guidance of 4-7%. CSL also said its planned demerger of its Seqirus business will be pushed back.

Have CSL shares finally reached the bottom?

Despite a cluster of headwinds facing the business this year, and a downwards spiral of the CSL share price, it looks like we could be beginning to see green shoots of recovery.

Since the latest price plunge, CSL shares have climbed just over 7%. While the share price has fallen a little further today, I’m optimistic investor sentiment is turning a corner. CSL shares were the fifth most-traded by CommSec clients last week, over half of which was buying activity. If investor interest begins to pick up, it could mean that the share price does too. 

Analysts appear to be bullish about the stock too. Tradingview data shows that out of 18 analysts, 1 have a buy or strong buy rating on CSL shares. The remaining 4 have a hold rating.

The average target price for the stock is $242.20, but some expect this could be as high as $278.05 over the next 12 months. At the time of writing this implies a huge potential 51.57% upside for investors. 

Macquarie and UBS have a buy rating on CSL shares and a 12-month price target of $275.20 and $275 respectively. This suggests a potential 50% gain from here.

The team at Red Leaf Securities thinks that the biotech giant has been oversold and have named it as an ASX share to buy this week.

The post Is the worst finally over for CSL shares? appeared first on The Motley Fool Australia.

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Motley Fool contributor Samantha Menzies has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL. The Motley Fool Australia has recommended CSL. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Analysts at Macquarie believe there are several significant tailwinds for ASX All Ords healthcare stock Integral Diagnostics Ltd (ASX: IDX) in the coming year, and have a bullish price target on the company’s shares.

Integral Diagnostics provides diagnostic imaging services such as magnetic resonance imaging (MRI), ultrasound, and radiography at 145 sites across Australia and New Zealand. The Macquarie team says the company stands to benefit from programs such as the National Lung Cancer Screening Program, which the federal government is tipping $264 million into.

The company will also benefit from a boost to bulk-billing, according to Macquarie:

Success in CT lung cancer screening, supported by $264m in government funding and Integral Diagnostics’ expected 20% market share, is partly offsetting a slower MRI ramp. The upcoming $7.9bn expansion of bulk billing from Nov-25 should boost GP volumes and imaging referrals, particularly in regional areas where Integral Diagnostics is strong. We forecast FY26 domestic organic revenue growth of 8%.

Several pillars to growth

The Macquarie team said synergies from the 2024 merger with Capitol Health, ongoing clinic investments and expansion of the GP bulk billing program would all be “fully realised” in the current financial year.

These factors, combined with procurement efficiencies and an expected shift of patients from public emergency departments to GP channels, position Integral Diagnostics for a step-up in margins in the second half.

The Macquarie team said the company could also increasingly shift work to radiologists working remotely, allowing for more flexibility in staffing, supporting EBITDA margin forecasts.

As the analysts said:

We see several significant tailwinds for Integral Diagnostics over FY26, with expected ongoing mix shift benefits to higher fee modalities supported by MRI deregulation, CT lung cancer screening programs. Higher annualised cost savings further supports our EBITDA margin expectations.   

The Macquarie team have a 12-month price target of $3.40 on Integral Diagnostics shares, and including dividends, are forecasting a total shareholder return of 32.2% over the next year.

Integral Diagnostics declared a fully franked final dividend of 4 cents per share in August, bringing the full year payout to 6.5 cents per share.

Integral Diagnostics shares were changing hands for $2.59 on Tuesday, up 0.7%.

Macquarie said in a separate research note to clients earlier this year that it preferred Integral Diagnostics to Australian Clinical Labs Ltd (ASX: ACL), which it had a neutral rating on.

The post Macquarie predicts this ASX All Ords healthcare stock to surge past $1 billion over the next 12 months appeared first on The Motley Fool Australia.

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Motley Fool contributor Cameron England 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 recommended Integral Diagnostics. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.