S&P/ASX 200 Index (ASX: XJO) gold stocks are not joining in with the broader market rally today.

To the contrary, most every Aussie gold producer is taking a beating.

The benchmark index is up 1.7% in early afternoon trade on Wednesday after US President Donald Trump flagged expectations for lower tariffs on China and dialled back his threats to fire US Federal Reserve chairman Jerome Powell.

But the gold miners, which have benefited from Trump's sowing of uncertainty, aren't benefiting from his latest backpedalling.

Taking a look at the broader picture, the S&P/ASX All Ordinaries Gold Index (ASX: XGD) – which also contains smaller miners outside of ASX 200 gold stocks – is down a precipitous 7.8% today.

Though it's worth noting that the All Ords Gold Index remains up 42% in 2025, while the ASX 200 is still down 3% year to date.

Here's how these top ASX gold shares are faring today, and in 2025:

• Northern Star Resources Ltd (ASX: NST) shares are down 8.0% today, up 37.1% in 2025
• Newmont Corp (ASX: NEM) shares are down 5.3% today, up 39.5% in 2025
• Ramelius Resources Ltd (ASX: RMS) shares are down 9.5% today, up 26.5% in 2025
• Gold Road Resources Ltd (ASX: GOR) shares are down 5.4% today, up 54.4% in 2025
• Evolution Mining Ltd (ASX: EVN) shares are down 8.5% today, up 67.9% in 2025
• Perseus Mining Ltd (ASX: PRU) shares are down 6.0% today, up 29.3% in 2025
• De Grey Mining Ltd (ASX: DEG) shares are down 7.9% today, up 40.8% in 2025
• Bellevue Gold Ltd (ASX: BGL) shares are down 6.6% today, down 25.0% in 2025
• West African Resources Ltd (ASX: WAF) are down 8.9% today, up 59.5% in 2025

Why are ASX 200 gold stocks in retreat today?

As mentioned up top, ASX 200 gold stocks have enjoyed some strong tailwinds from rising geopolitical uncertainty amid the new Trump administration.

With gold's classic haven status on clear display, this has seen investors send the gold price from US$2,2625 per ounce on 1 January to new all-time highs of US$3,433 per ounce on Tuesday.

However, following Trump's softer words on tariffs and Powell, the gold price has since dipped 1.3% from those highs to US$3,379 per ounce at the time of writing.

And with most experts indicating that gold prices have risen too fast too quickly, it looks like investors are taking this opportunity to scoop some profits off the table.

"Gold's tactically very overbought and extended – it's risen US$500 plus in eight trading days, so naturally there's likely a mix of a buyers pause and some risk reduction," said Nicky Shiels, head of research and metals strategy at MKS Pamp (quoted by Bloomberg).

Bloomberg macro strategist Ven Ram added that while the gold price, and by connection ASX 200 gold stocks, were due for a correction, the long-term outlook remains strong.

According to Ram:

Bullion is extremely overbought in the short term, which makes it ripe for a correction. That, however, is not to be mistaken for its medium-term trajectory: bullion performs best when the global economy is in distress, and the scale of current economic uncertainty is immense.