As gold prices recover to high levels, this feature presents 20 Japanese stocks expected to benefit, ranging from leading large caps to small caps with market capitalizations of around ¥10 billion. The selection is based on information available as of 25 August 2026.
Gold prices in 2026 surged at the start of the year, underwent a significant correction and have since resumed their upward trend. According to LBMA data, gold reached a record high of $5,501.70 per troy ounce on 29 January before falling to $3,978.55 on 1 July. By 25 August, however, the spot price had recovered to approximately $4,645.67, moving into a high range for the first time in more than three months. In Japan, 田中貴金属 published a retail gold price of ¥26,231 per gram and a purchase price of ¥25,875 as of 14:00 on the same day, with gold prices in yen remaining at elevated levels.
The World Gold Council reported that global gold demand totaled 2,522 tonnes in the first half of 2026 and reached an all-time high of approximately $380 billion by value. The benefits of higher gold prices may be distributed across mining, smelting, recovery, trading and reuse, meaning that companies other than those that “hold” gold may also be affected in terms of their earnings.
This selection comprises 20 stocks, centered on resources and smelting companies with relatively high sensitivity to gold prices, while also covering urban mining, precious-metals recovery, commodities trading and reuse. It includes small caps such as アサカ理研, with a market capitalization of approximately ¥17.4 billion as of 25 August, 日産証券グループ, at approximately ¥11.9 billion, and 中外鉱業, at around the ¥10 billion level. Higher gold prices will not necessarily boost every company’s profits to the same extent, and sensitivity varies depending on raw-material prices, inventory valuation, hedging, trading volumes and business composition.