Written by Aditya Raghunath at The Motley Fool Canada
Gold prices touched an all-time high of US$2,135 per ounce last year, rising 13% in 2023. There is a good chance for the precious metal to soar higher in the next 12 months due to the possibility of interest rate cuts, geopolitical tensions, and an uncertain macroeconomy.
Historically, gold has been viewed as a store of value and a hedge against inflation, offering investors an opportunity to diversify their portfolios. One way to gain exposure to gold is by investing in blue-chip mining stocks such as Newmont Mining (TSX:NGT).
Valued at $52 billion by market cap, Newmont is among the largest mining companies globally. While gold prices have gained pace in recent months, Newmont Mining stock is down 26.5% in the last year, trailing the broader markets by a wide margin. However, the pullback has increased the TSX stock’s dividend yield to 4.8%. So, let’s see…
