The gold market is currently having its moment in the spotlight. In September 2025, gold prices repeatedly hit new highs within just three trading days, briefly breaking through $3,780 per ounce, marking a cumulative increase of 44% since the start of the year. Against the backdrop of continued accumulation by global central banks, particularly the People’s Bank of China, and market expectations that interest rate cuts will lower capital costs, the possibility of gold prices reaching the $4,000 threshold before the year-end is increasingly growing. This trend presents a valuable opportunity for investors watching the Toronto Stock Exchange. The following three distinctive TSX gold stocks are worth close attention in September.
Kinross Gold (TSX:K) serves as a perfect example of how soaring gold prices can boost a miner’s performance. The company’s stock has already achieved a remarkable 152% surge year-to-date, but its appeal extends far beyond that. The market’s core focus lies in its significant potential for margin expansion. As a low-cost producer, Kinross Gold’s 2025 all-in sustaining costs are projected to be around $1,500 per ounce. At the current gold price of nearly $3,800 per ounce, its profit per ounce already exceeds $2,200, and this figure will continue to expand with any further rise in gold prices. The ample cash flow is not sitting idle; management is actively returning value to shareholders through a targeted share repurchase program of at least $500 million. This means each remaining share represents a larger claim on the company’s assets, including its promising Great Bear project. Currently, Kinross Gold trades at a forward P/E ratio of 20.1x, which remains attractive compared to the industry average of 28x, especially in a environment of sustained high gold prices.
Although many gold stocks have already seen substantial gains, IAMGOLD’s (TSX:IMG) upward journey might just be beginning. This mid-tier producer’s stock has doubled in 2025, delivering a year-to-date return of 127%; however, its valuation metrics suggest the stock might still be undervalued. The company’s forward P/E ratio is merely 13.3x, and its PEG ratio, which accounts for earnings growth expectations, is as low as 0.4. Typically, a PEG ratio below 1 suggests that the stock price may not yet fully reflect its growth prospects. IAMGOLD is well-positioned to translate high gold prices into substantial production growth, making it a stock worth close monitoring for growth-oriented investors this September.
Barrick Gold (TSX:ABX) is an industry giant in this sector, benefiting from dual tailwinds in both gold and copper. This month, its stock performance has been strong, buoyed on one hand by soaring gold prices, and on the other by the announcement that its Fourmile project in Nevada shows promise of being a significant gold discovery this century. However, Barrick Gold’s appeal isn’t limited to gold; it also includes a strategic positioning for future copper demand. With a forward P/E ratio of 19.1x and a PEG ratio around 1, Barrick Gold appears reasonably valued, offering investors a blend of growth drivers and long-term stability.
