But which options in the gold sector could be worth considering right now?
Let's take a look at a couple of top gold shares that analysts are recommending as buys this month:
Evolution Mining Ltd (ASX: GOR)
Goldman Sachs sees Evolution Mining as an ASX 200 gold share to buy. It operates five wholly-owned mines – Cowal in New South Wales, Ernest Henry and Mt Rawdon in Queensland, Mungari in Western Australia, and Red Lake in Ontario, Canada.
The broker currently has a buy rating and a $3.70 price target on Evolution's shares. It believes the gold miner has strong earnings growth potential. It said:
We prefer near-term margins/returns over long-term ounces in the Australian gold sector, and assets with less execution risk. EVN has the strongest near-term EBITDA growth in the sector, supported by copper production/pricing.
Regis Resources Ltd (ASX: RRL)
The team at Bell Potter thinks that Regis Resources could be an ASX 200 gold share to buy. It is the owner of several operations across two distinct project areas in the North Eastern Goldfields of Western Australia and the Central Western region of New South Wales.
Bell Potter currently has a buy rating and a $2.26 price target on Regis Resources' shares. The broker commented:
We remain attracted to its all-Australian asset portfolio and organic growth options which are unique at this scale. We see key opportunities in the fundamental, medium-term outlook and that these may also make RRL an appealing corporate target in the current conducive M&A environment.