The gold industry has pulled back recently after the gold price softened.
The team at Morgans appears to believe this could have created a buying opportunity and has named three ASX 200 gold shares to buy this week.
Here's what it is recommending to clients:
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Newmont Corporation (ASX: NEM)
Morgans thinks Newmont, which is the world's largest gold miner, could be an ASX 200 gold share to buy.
In response to its stronger than expected quarterly result, the broker has put a buy rating and $208.00 price target on its shares. It said:
Strong beat and capital returns increased: NEM delivered a strong beat across multiple operating and financial metrics, while completing its US$6bn buyback and announcing a further US$6bn program. The result reinforces NEM's positioning as a high-quality, cash-generative gold producer with strong balance sheet flexibility and increasing capacity to return capital to shareholders. Maintain BUY rating with a A$208ps target price.
Pantoro Gold Ltd (ASX: PNR)
Another gold share that could be a buy according to Morgans is Pantoro Gold.
Although its production was softer than expected during the third quarter, the broker remains positive. In response, it has put a buy rating and $6.29 price target on its shares. It said:
PNR reported gold sales for 3Q26 of 20.0koz at an AISC of A$3,204/oz, generating revenue of A$138.9m from an average realised price of A$6,916/oz. Production of 17.8koz fell below expectations despite the company's revised guidance released in March, paired with a substantially higher cost of production.
Whilst we forecast a narrow miss to FY26 guidance, we still anticipate a material uplift in 4Q26 ounce production as Gladstone open-pit delivers higher ore volume to the mill alongside Mega Resources ore treatment partnership. We maintain our BUY rating, with a price target of A$6.29ps (previously A$6.53ps) – the revision a function of adjustments to long-term head-grade and 4Q26.
Regis Resources Ltd (ASX: RRL)
A third ASX 200 gold share that Morgans is tipping as a buy this week is Regis Resources.
Like Newmont, it outperformed the broker's expectations during the third quarter.
As a result, Morgans upgraded the company's shares to a buy rating with a $10.07 price target. It said:
Gold sales of 89.1koz at an AISC of A$2,807 beat our expectations whilst performing in line with company guidance, delivering revenue of A$622m at an average realised price of A$6,977/oz. RRL continues to build a substantial cash balance, adding an additional A$198m bringing the total to A$1.12bn. Replenished ounces with group MRE exceeding 10% yoy resource growth underpinning future production.
We upgrade to BUY (from HOLD) following recent weakness across the gold sector which we believe has uncovered value in RRL underpinned by attractive immediate term cash generation paired with a structured capital management framework.
