Looking ahead, Kozlowski argues that the mining industry could experience further consolidation after years in which companies over-invested in capital spending.

Additionally, any further weakness in growth or the U.S. dollar could also bolster gold’s outlook. Gold bullion and miner stocks slightly rebounded mid-March in response to lower-than-expected employment numbers, which raised the possibility that the Federal Reserve could hold off on tightening monetary policy.

Market Vectors Gold Miners ETF

For more information on gold producers, visit our gold miners category.

Max Chen contributed to this article.