With the gold price close to a record high, it certainly has been a great time to have exposure to the precious metal.
The good news is that it may not be too late to jump on the golden bandwagon.
That's the view of analysts at Morgans, which are urging investors to accumulate one ASX 200 gold stock.
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Which ASX 200 gold stock?
The stock that the broker is positive on is gold miner Regis Resources Ltd (ASX: RRL).
The broker highlights that Regis Resources had a "ground-breaking year" with records smashed across the board.
It expects another strong year in FY 2026 and feels that its shares are good value at current levels. And if the gold price remains at current levels, there could be even more upside for investors. It explains:
FY25 was a ground-breaking year for RRL, achieving record revenue, cash balance, EBITDA and NPAT which drove a fully franked 5cps dividend, the first dividend since 2022. Looking to FY26, we expect continued disciplined delivery against production and CAPEX guidance. Assuming sustained commodity prices, we anticipate further strong earnings and cash generation, providing scope for ongoing capital management or growth initiatives. No formal capital management framework has been outlined.
We maintain our ACCUMULATE rating with a price target of A$5.00ps (previously A$5.10ps). Noting RRL offers significant torque to the price of gold, at spot prices our price target would lift to A$6.02ps.
As mentioned above, Morgans has an accumulate rating and $5.00 price target on the ASX 200 gold stock. Based on its current share price of $4.07, this implies potential upside of 23% for investors.
And if spot prices remain where they are, there could be upside of approximately 47% over the next 12 months according to the broker.
Does the broker like other gold miners?
Another ASX 200 gold stock that has been given the thumbs up is Northern Star Resources Ltd (ASX: NST).
Bell Potter currently has a buy rating and $21.00 price target on its shares. This suggests that upside of 16.3% is possible from current levels. It said:
All time high gold prices drove a solid result with record revenue, underlying EBITDA, EBIT and NPAT. Record cash earnings of A$2,873m delivered a final dividend of 30cps, fully franked. Looking ahead, we expect FY26 to not come without operational challenges, like FY25, with potential periods of volatility around KCGM production. That said, NST's strong balance sheet (A$1,013m net cash), record commodity prices, active capital management, and dual-pillar growth strategy at KCGM and Hemi provide a solid platform for long-term sustainability.
We maintain our Buy rating on NST. Since the FY26 guidance led pullback, the stock has since rallied ~14% – providing investors who entered accordingly to take some profit given the step-up in FY26 CAPEX. That said, for investors with a longer-term horizon, we continue to see unrivalled value and growth in NST.
