It's early in 2023, inflation is still stubbornly high in Australia, and the soaring price of gold has likely caught the attention of S&P/ASX 200 Index (ASX: XJO) fans.
Indeed, the share price of gold miner Evolution Mining Ltd (ASX: EVN) has rocketed out of the gates.
The Evolution share price has gained 9% so far this year to trade at $3.325 today.
For comparison, the ASX 200 is also up 6.4% year to date. Meanwhile, the spot gold price was trading above US$1,920 an ounce overnight – a near nine-month high.
Could the ASX 200 gold share's glittery start to 2023 continue? One expert seems to think so.
Image source: Getty Images
Expert tips ASX 200 gold share as one to buy
Fairmont Equities founder and managing director Michael Gable expects big things from the 'safe haven' metal amid current economic challenges, saying via The Bull:
We're bullish about the outlook for gold in volatile and uncertain times across the globe.
Such a positive outlook has seemingly turned the expert's attention to Evolution shares. The company is one of the ASX 200's largest gold miners, commanding a valuation of more than $6 billion.
Gable noted the stock was trading near its 52-week low of $1.80 in October. It has rocketed over 80% in the three months since. The expert continued:
We expect the upward trend to continue. In our view, any short-term weakness presents a buying opportunity.
And if predictions for the price of gold are anything to go by, Gable may not be alone in holding a bullish view for the ASX 200 share.
Bank of America Corp (NYSE: BAC) is said to have tipped the price of gold to reach US$2,000 an ounce later this year, my Fool colleague Monica reported earlier this month.
Though, other experts are tipping it to trade between US$1,735 an ounce and US$1,850 an ounce in 2023.
