Gold is having a moment in September 2025, and it’s a spectacular one. Bullion prices blasted through record after record over the past three sessions, touching heights above US$3,780 per ounce. This represents a staggering 44% gain since the start of the year. With interest rate cuts making capital cheaper and global central banks, led by initiatives from China, aggressively adding to their reserves, the path to US$4,000 gold by year-end seems increasingly plausible.
This rally presents a compelling opportunity for investors watching the TSX climb to new highs. The real leverage to rising gold prices often comes not from the metal itself, but from the companies that pull it out of the ground. As gold climbs, mining margins expand dramatically, flooding producers with cash and boosting their investment appeal. If you’re looking for top Canadian gold stocks to capture this rising momentum, here are three TSX gold stocks to buy in September that stand out for their unique strengths.
Kinross Gold: A margin expansion story
Kinross Gold (TSX:K) could be a textbook example of how soaring gold prices can turbocharge a miner’s fortunes. The Canadian gold stock has been a rocketship, up an incredible 152% year-to-date. But the story is far from over.
The market’s excitement stems from its margins. Kinross is a low-cost producer, with an all-in sustaining cost (AISC), a key metric that captures the total costs of producing an ounce of gold, of around US$1,500 per ounce for 2025. With gold flirting with US$3,800, that leaves a profit margin of over US$2,200 per ounce – a figure that widens with every uptick in the gold price.
The cash flow windfall into Kinross’s coffers isn’t just sitting idle. Management is aggressively returning capital to shareholders through a renewed share buyback program, targeting at least US$500 million in repurchases this year. This means each remaining share will have a larger claim on Kinross’s valuable assets, including its promising Great Bear project.
Trading at a forward price-to-earnings (P/E) ratio of 20.1, Kinross Gold stock remains reasonably priced compared to the industry average P/E of 28, making it a compelling play on sustained high gold prices.
IAMGOLD: An undervalued gem ramping up production
While many gold stocks have run up, IAMGOLD (TSX:IMG) presents a case where the rally might still be in its early innings. The mid-tier producer has seen its shares more than double in 2025, with a 127% year-to-date return. Yet, its valuation metrics suggest there could be significant room left to run. With a forward P/E of just 13.3 and a forward PEG ratio (which factors in earnings growth) of 0.4, the stock appears potentially undervalued. A PEG ratio below 1 often signals that a stock’s price hasn’t yet caught up to its growth prospects.
The catalyst for IAMGOLD stock’s growth is the company’s flagship Côté Gold mine in Ontario, which is steadily ramping up to become one of Canada’s largest gold mines. As this asset hits its stride within the safe confines of a Tier 1 mining jurisdiction, IAMGOLD is perfectly positioned to convert high gold prices into substantial production growth, making it one of the most intriguing TSX gold stocks to buy in September for growth-oriented investors.
Barrick Mining: The gold titan with a copper twist
Barrick Mining (TSX:ABX) is the titan of the group, and it’s flexing its muscles. The gold stock broke out dramatically this month, fueled by the dual engine of soaring gold and a major September 16th announcement that its Fourmile project in Nevada is confirming its status as a potential gold discovery of the century. This news amplifies the already powerful tailwind from high bullion prices.
But Barrick Mining stock offers more than just gold; it’s a strategic bet on the future of copper. The massive Reko Diq project in Pakistan, once fully developed, could position Barrick as one of the world’s premier copper producers, adding a vital green-energy metal to its portfolio.
Shareholders are already benefiting from Barrick Mining’s strong cash flows, evidenced by a recently raised dividend and an ongoing share buyback program.
With a forward P/E of 19.1 and a forward PEG ratio of 1, Barrick stock represents a fairly valued investment in a top-tier gold miner with proven management, global assets, and a clear path for growth, offering both momentum and long-term stability.
