We constructed thermodynamic models of the formation of two types of gold-ore mineralization at the Kagan ultramafic massif in the Southern Urals (Russia). The first type of gold-mineralization is widely spread at the massif in the tectonic zones of schistose serpentinites containing typically ≤ 0.1 ppm Au. The second type of gold-ore mineralization is represented by veined massive, streaky and impregnated magnetite ores in contact with serpentinites. It contains to 5 vol.% sulfides and 0.2–1.2 ppm Au. Our thermodynamic calculations explain the formation of two types of gold-ore mineralization in the bedrocks of ultramafic massifs. Metamorphic water, which is the result of the dehydration of early serpentinites (middle Riphean) during high-temperature regional metamorphism (700 °C, 10 kbar) (late Precambrian), is considered as the source of ore-bearing fluid in the models. The metasomatic interaction of metamorphic fluid with serpentinites is responsible for the gold-poor mineralization of the 1st type at T = 450–250 °C and P = 2.5–0.5 kbar. The hydrothermal gold-rich mineralization of the 2nd type was formed during mixing of metamorphic and meteoric fluids at T = 500–400 °C and P = 2–3 kbar and discharge of mixed fluid in the open space of cracks in serpentinites. The model calculations showed that the dominant forms of gold transport in fluids with pH = 3–5 are AuCl2− complexes (≥450 °C) and, as the temperature decreases, AuHS0, or AuOH0. Mineral associations obtained in model calculations are in general similar to the observed natural types of gold mineralization.