The S&P/ASX 200 Index (ASX: XJO) is up 0.5% in morning trade today, with one ASX 200 gold stock joining the march higher. The other started out strong and has since headed south.

This follows the release of strong quarterly results from both the Aussie gold miners.

Here's what investors are mulling over on Wednesday.

ASX 200 gold stock hits record quarterly production

The first ASX 200 gold stock making moves following its December quarter update is Gold Road Resources Ltd (ASX: GOR).

Gold Road shares closed yesterday trading for $2.40 and were fetching $2.42, up 0.8% in early trade. However, investors have sent the share price south to $2.38 at the time of writing, down 0.6%.

It appears investors are balancing out record quarterly gold production at Gruyere, while annual production came in slightly below 2024 guidance, with operations impacted by heavy rain. Gold Road owns 50% of the joint venture Gruyere mine, with Gold Fields owning the other half.

Quarterly gold production at Gruyere came in at 91,631 ounces (on a 100% basis) at an all-in-sustaining cost (AISC) of $1,811 per ounce. That compares to 68,781 ounces of gold production at an AISC of $2,551 per ounce in the September quarter.

The miner also reported record quarterly gold sales of 47,745 ounces at a record average sales price of $4,093 per ounce. This helped drive a record quarterly free cash flow of $76.2 million.

Cash and equivalents increased over the three months to $173.9 million.

For the full 2024 calendar year, Gruyere's gold production totalled 287,270 ounces. The ASX 200 gold stock had forecast 2024 production to be between 290,000 and 305,000 ounces.

Costs came in slightly above guidance, with an average AISC per ounce in 2024 of $2,211 per ounce representing. Guidance was for an AISC between $2,050 and $2,200 per ounce.

Looking at what might impact the Gold Road share price in the year ahead, the ASX 200 gold stock provided 2025 annual guidance for Gruyere of between 325,000 to 355,000 ounces of gold (162,500 to 177,500 ounces attributable). AISC guidance is in the range of $2,400 and $2,600 per ounce.

Rising output and falling costs

The second ASX 200 gold stock is marching higher following its quarterly results (Q2 FY 2025).

Perseus Mining Ltd (ASX: PRU) shares closed yesterday at $2.73 and are currently trading for $2.83 apiece, up 3.6%.

Gold production in the December quarter was up 9% to 132,419 ounces. And costs came down, with the average AISC of US$1,127 per ounce declining by 6% from the September quarter.

Gold sales of 136,623 ounces were up by 20%, spurred by the sale of gold whose shipment was delayed in the September quarter. The average gold sales price was up 7% quarter on quarter to US$2,430 per ounce.

And Perseus remains well-funded. The miner reported available cash and bullion of US$704 million, plus liquid, listed securities of US$67 million and no debt as at 31 December. Perseus also had a US$300 million undrawn debt capacity available at the end of the quarter.

Looking at what might impact the ASX 200 gold stock in the months ahead, management is forecasting FY 2025 gold production of 469,709 to 504,709 ounces at an AISC of US$1,250 to US$1,280 per ounce.