Could these 2 ASX 200 gold shares be index-beaters in the making?

The S&P/ASX All Ordinaries Gold Index (ASX: XGD), which also contains some smaller gold shares outside of the ASX 200, has gained a whopping 27% in 2023.

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a woman in a business suit holds a large solid gold bar in both hands with a superimposed image of a gagged gold line tracking upwards and featuring a swooping curved arrow pointing upwards.

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2023 has been a good year to be invested in S&P/ASX 200 Index (ASX: XJO) gold shares.

The ASX 200 has gained 5.5% since the opening bell on 4 January.

That's a very solid run for the benchmark index. But it's far behind the 26.8% returns posted by the S&P/ASX All Ordinaries Gold Index (ASX: XGD), which also contains some smaller gold stocks outside of the ASX 200.

ASX 200 gold shares and the junior miners alike have benefited from a resurgent gold price. Investors have been seeking out the haven asset amid global inflation concerns and rising geopolitical unrest.

Of course, not all stocks are created equal.

So, which miners look primed to shine the brightest?

Could these ASX 200 gold shares be index-beaters in the making?

Which brings us to Northern Star Resources Ltd (ASX: NST) and Regis Resources Ltd (ASX: RRL).

The Northern Star share price, pictured below, is up 1% in afternoon trading today and up 24.7% in 2023.

Rival ASX 200 gold share Regis Resources is up 4.9% today, bringing the miner's 2023 share price gains to 14.5%.

But even after this, erm, golden run, Credit Suisse forecasts a large upside potential for both these stocks.

Credit Suisse has raised Northern Star to outperform with a price target of $14.50 on the miner's shares. That's 4.8% above the current share price of $13.83.

Credit Suisse sees even more upside for Regis Resources, which it also raised to an outperform rating with a price target of $2.70. That's 14.4% above the current share price of $13.83.

Atop the potential share price gains, both ASX 200 gold shares also pay dividends.

Northern Star's last fully franked interim dividend of 11 cents per share was paid out on 29 March. The stock trades on a current trailing yield of 1.7%.

Regis Resources last paid a fully franked final dividend of 2 cents per share on 28 October. At today's share price, Regis trades on a trailing yield of 0.9%.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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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