Gold Stocks Trounce AI-Led Chip Rally With 135% Gain in 2025

Gold has soared more than 45% this year. — Gold has soared more than 45% this year.
Photographer: Milan Jaros/Bloomberg

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By Winnie Hsu

October 3, 2025 at 7:29 AM UTC

Updated on

October 3, 2025 at 10:41 AM UTC

For all the hype over artificial intelligence and the surge in chip stocks this year, gold miners have actually been the better buy.

A gauge of the world’s gold equities from MSCI Inc. has soared about 135% this year, tracking gains in the precious metal. It’s on course for its greatest-ever outperformance versus the index compiler’s measure of major global semiconductor firms, which is up 40%.