Goldman Sachs says these ASX gold stocks are buys

These gold miners could be top options according to the broker.

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If you want to some exposure to the gold sector, then read on!

That's because analysts at Goldman Sachs have picked out a number of ASX gold stocks that it currently rates as buys. Here are four:

Bellevue Gold Ltd (ASX: BGL)

The broker is a fan of Bellevue Gold and sees it as an ASX gold stock to buy. It has a buy rating and $2.20 price target on its shares. This suggests that its shares could rise 13.5% from current levels. It commented: "We note the recently proposed paste plant may add upside to consensus capex expectations (GSe ~A$50mn), though this supports increased underground resource recovery, where the commenced study for expansion to ~1.5Mtpa/250kozpa is expected 1HFY25."

De Grey Mining Limited (ASX: DEG)

This morning, Goldman has a retained its buy rating on this gold developer's shares with a trimmed price target of $1.35. This implies potential upside of 16% for investors over the next 12 months. It was pleased with the company's receipt funding update, noting that it is "expected to fully fund the development cost of the Hemi Gold Project."

Evolution Mining Ltd (ASX: EVN)

Another ASX gold stock that Goldman is positive on is Evolution Mining. This morning, it has reiterated its buy rating and $4.15 price target on its shares. This suggests that upside of 12% is possible from current levels. Ahead of the release of its quarterly update, the broker said: "Following the production update in mid-June, we expect FY24 production to be in-line with implied guidance of ~723koz. With reduced uncertainty over the medium-term, particularly following Northparkes/Cowal site visits, our expectations for ~750koz/75kt of gold/copper production appear consistent with market expectations."

Gold Road Resources Ltd (ASX: GOR)

A fourth ASX gold stock that could be a buy according to Goldman Sachs is Gold Road Resources. It has retained its buy rating with an improved price target of $2.10. This implies potential upside of 18% for investors. While Goldman suspects that Gold Road could underperform expectations due to wet weather, it remains very positive. It said: "We expect QoQ production to be largely flat in the Jun-24 quarter (below consensus) on recovery from rain impacts (recovery through April limiting production despite a return to target mining/milling rates from May and the Great Central Road reopened for consumables delivery). GOR expect a strong second half, where we see more medium-term opportunities from Yamarna (100% owned) and toll treating through the JV."

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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