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Investors may turn their attention to gold amid heightened market volatility with Friday’s jobs report showing the US labor force cooled while the unemployment rate rose to 4.3%, its highest peak since 2021.

With gold often sought out for defensive safety during economic uncertainty it's noteworthy that the Zacks Mining-Gold Industry is currently in the top 22% of over 250 Zacks industries. That said, here are three of these top gold mining stocks to consider at the moment.

Agnico Eagle Mines (AEM - Free Report)

Zacks Rank #2 (Buy)

Agnico Eagle Mines has been one of the most intriguing gold producers with its stock soaring over +37% this year to impressively top the broader indexes and the Zacks Mining-Gold Market’s +21%.

Agnico Eagle Mines’ increased profitability has been the catalyst for its extended rally with fiscal 2024 EPS now expected to soar 58% to $3.52 versus $2.23 per share last year. Notably, Agnico Eagle Mines checks an “A” Zacks Style Scores grade for Growth, and its 2.1% annual dividend yield has kept investors engaged as well.

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Barrick Gold (GOLD - Free Report)

Zacks Rank #2 (Buy)

As one of the largest gold producers in the world, Barrick Gold is certainly worthy of consideration with its stock trading under $20 and at 15.7X forward earnings. Furthermore, Barrick Gold’s EPS is projected to soar 38% this year with FY25 earnings slated to climb another 32% to $1.53 per share.

Making Barrick Gold’s stock more luring is a 2.19% annual dividend which it has increased 13 times in the last five years. Plus, its 45% payout ratio suggests there is plenty of room for more dividend hikes.

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FrancoNevada (FNV - Free Report)

Zacks Rank #1 (Strong Buy)

Rounding out the list is Franco-Nevada Corporation which operates as a gold-focused royalty and stream company with additional interest in silver and platinum group metals among other resource assets. Franco-Nevada offers a 1.13% annual dividend which it has increased 14 times in the last five years with its payout ratio at 41%.

Indicative that now is an ideal time to buy Franco-Nevada’s stock is that earnings estimate revisions have continued to rise over the last quarter with FY24 and FY25 EPS estimates up 10% and 8% in the last 30 days respectively.

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Takeaway

With investors likely to shift their focus to equities that can offer defensive safety these top gold mining stocks should be viable options amid heightened market volatility.

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