Gold prospecting is the act of going equipped to find gold in rocks or in stream beds with a view to exploiting that discovery. This usually means individual prospectors, as opposed to those trained and educated individuals working for mining companies. Up until the middle of the 20th century, gold prospecting was undertaken with a view to secure an area to be worked exclusively to acquire and sell the metal. In the latter part of the 20th and 21st centuries it is more commonly used to describe recreational gold hunting as pursued by individuals, especially in streams and usually on the basis of no given authority (although there are exceptions). Professionals employed by mining compaines also seek deposits of economic value, usually different types of deposits, and in different areas.

Individual gold prospecting has been seen in many parts of the world including New Zealand (especially in Otago), Australia, South Africa, Wales (at Dolaucothi and in Gwynedd), in Canada and in the United States especially in western states but also elsewhere. The Department of Agriculture in the U.S. is now of the view that recreational gold panning and gold prospecting in the general national forest areas is permitted provided that no machinery or explosives are used, no waterways are diverted, and no permanent or semi-permanent structures are built. There are public mining areas in many states, and prospecting may allow one to stake a Gold placer claim or other type of mining claim in certain areas.

Old workings in a drywash in southern Arizona.

In the UK, gold prospecting can only take place with the explicit permission of the Riparian owner and, even with such permission any activities that cause or permit pollution of a watercourse, even with re-suspended silt, could result in a criminal prosecution by the Environment Agency.

Australia does not prevent the private ownership of any minerals found in the land. At one time if individuals were to discover gold (or any other minerals) in their property, it would belong to the Crown, being the Australian Government and not to private entitlement. Today this is not so, and Individuals can search and retrieve minerals with the acquisition of a miners permit that can be bought from the relevant Mining Department. The largest nugget ever found was the Welcome Stranger of 2316 troy oz (72 kg).

Gold lode and placer gold in the United States and potential gold prospecting sites extends from near Montgomery, Alabama to Washington D.C.. North Carolina, South Carolina, Georgia, Virginia and Alabama have many gold mines and prospecting sites. These states were the main source of gold for 45 years before the California gold discovery. The largest true California gold nugget, known as the "Dogtown nugget," weighed 54 troy pounds (20 kg), and was found in Magalia, California. A 195 pound troy (73 kg) mass of gold mixed with quartz was also found. Alaska has many sites for the prospector, both public and private.