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As the gold price hovers close to record highs, gold miners are poised to benefit, especially with expectations of falling interest rates in 2024. Bell Potter has identified two ASX gold shares with promising prospects and has assigned buy ratings to them.
Capricorn Metals Ltd (ASX: CMM)
Bell Potter expresses confidence in Capricorn Metals, labeling it as one of the premier gold miners in the local market. The firm has given the stock a buy rating and a $5.70 price target, indicating a potential 25% upside for investors over the next 12 months. Capricorn's robust attributes include being a sector-leading gold producer with a strong balance sheet and a management team known for its successful track record. The company boasts low gold production costs, placing it among the most cost-efficient in the sector, and consistently generates robust cash margins. Bell Potter recommends retaining a buy position on Capricorn, citing its overall strength in the market.
Regis Resources Ltd (ASX: RRL)
Regis Resources is another ASX 200 gold share receiving a favorable outlook from Bell Potter. The recent closure of its hedge book, leaving it fully unhedged, positions the company to fully benefit from the strong gold price, a development that pleased analysts. Additionally, Bell Potter sees Regis Resources as a potential takeover target, further contributing to its positive assessment. The broker issues a buy rating and sets a $2.37 price target on Regis Resources shares, underscoring its conviction in the company's growth potential and attractiveness in the current merger and acquisition landscape.
As gold continues to command high prices, these assessments from Bell Potter underscore the positive sentiment surrounding selected ASX 200 gold shares. Investors are keenly watching the sector, anticipating potential gains driven by favorable market conditions and the performance of key players.
