Shares in Evolution Mining Ltd (ASX: EVN) are trading at $10.86, an increase of 1.9% on Tuesday, while the S&P/ASX 200 Index (ASX: XJO) has risen by 0.2%.

Over the past two years, this company has significantly benefited from the rising gold prices.

Within the ASX, there are only three large-cap gold mining companies, with Evolution leading in performance.

Evolution Mining's share price has soared by 195% since November 2023, making it the second-largest gold stock on the ASX.

In comparison, the share price of the largest ASX gold miner, Northern Star Resources Ltd (ASX: NST), has increased by 112%.

Newmont Corporation CDI (ASX: NEM), the third-largest miner, has its shares up by 142% over the last two years.

Central banks are purchasing gold to diversify reserves away from the US dollar, pushing gold prices to unprecedented heights.

This surge has sparked investor interest in ASX gold stocks and ETFs.

Last month, gold set a new record price of over US$4,300 per ounce.

The high gold prices have prompted many Australians to sell gold jewelry or buy gold bars.

Goldman Sachs forecasts a gold price of US$4,900 per ounce by the end of 2026.

Meanwhile, Societe Generale SA anticipates an even higher price, predicting US$5,000 per ounce by the close of next year.

Let's assess the total return from a $10,000 investment in Evolution Mining shares two years ago.

Total Return on $10,000 Investment

On November 10, 2023, Evolution Mining shares closed at $3.68 each.

An investment of $10,000 at that time would have secured 2,717 shares, costing $9,998.56.

Since then, capital growth has added $7.18 per share, equivalent to a remarkable $19,508 in value!

Evolution Mining also paid out four fully franked dividends totaling 27 cents per share over these two years.

This equates to over $733 in dividend income during the period.

Combining the capital gain of $19,508 with the dividends of $733, the total return amounts to 202% over 24 months.

Your initial investment has now more than tripled, with Evolution Mining shares worth approximately $29,506.

That's certainly a figure to be pleased about!