Experts predict the precious metal will reach record highs – Bitcoin News

Gold is on the rise in 2023, and in the first week of the new year alone, the precious metal gained 2.36% against the US dollar. Over the past 65 days, gold has gained 14.55% and silver has gained 22.31% against the US dollar since November 3, 2022. According to MKS Pamp Group head of metals strategy, “there has been a decent amount of upside. “The demand for gold is more than last year.”

Central Bank Demand and Ongoing Geopolitical Tensions Continue to Push Gold Up

Over the past 7 days, gold prices have continued to rise in line with market prices. Gold rose from $1,823 to $1,866 per troy ounce during this period. While gold is up 2.36% against the US dollar, a troy ounce of fine silver is down about 0.58% since the start of the year.

Over the past two months, both gold and silver have appreciated significantly, with gold up 14.55% and silver up 22.31% against the dollar. With precious metals on the rise, “gold bugs” believe the yellow metal will “shine in 2023.”

Gold prices expected to rise in 2023: Experts predict the precious metal will reach record highs

In a two-part series titled Gold Mining Bull, the author of Search Alpha argues that gold will outperform in 2023. The author cites central bank demand and “ongoing geopolitical tensions” as reasons for optimism. The Gold Mining Bull focuses on central bank gold purchases this year.

The author explains: “The central banks of the world, especially in China, Turkey and India, are buying gold at a record pace. “This trend has continued for 13 years in a row, but recently this pace has increased.” The analyst adds:

They have been increasing their gold reserves in recent years to diversify their foreign exchange reserves and reduce dependence on the US dollar.

In addition, the author believes there are six other factors that could increase the price of gold, including increased demand for jewelry, the latest Federal Reserve pivot, the escalation of the Ukraine-Russia war, a weaker US dollar, limited new mine supplies, and the possibility of a Chinese invasion of Taiwan.

Gold prices expected to rise in 2023: Experts predict the precious metal will reach record highs

Central bank gold purchases have been a particularly influential factor in terms of gold interest rates over the past year. According to analysts cited by the Financial Times, Russia and China have collected the most gold in terms of demand in 2022.

MKS Pamp Group’s Head of Metals Strategy comments on Gold’s Positive Market Trend.

Nicky Shiels, head of metals strategy and macro at MKS Pamp Group, told Kitco News on Friday that demand for gold has eased, which could indicate a positive market trend. Shiels discussed this week’s rising US non-farm payrolls report and said there was “nothing in the report that is simply recessionary”.

As for gold, it depends on whether the precious metal can sustain its weekly gains. “Depending on whether gold can hold on to its weekly gains (which is increasingly likely), it reinforces the offensive way in which gold has been trading since early November when it established a mild bull trend – always looking for reasons to rally,” he said. Shiels continued:

There is quite a bit of bullish demand that has pulled back from last year and could be ignited at the right data point (CPI & PCE).

On January 5, 2023, Shiels also announced that MKS Pamp Group’s 2023 precious metals forecast, which shows that the average price of gold is $1,880 and silver is $22.50. According to forecasts, in 2023, gold may reach $2,100 and silver may reach $28/oz. ABN AMRO expects gold to reach $1,900 an ounce in 2023, and Saxo Bank detailed that gold could reach $3,000 an ounce this year. .

“2023 is the year when the market finally realizes that inflation will remain fiery for the foreseeable future,” said Ole Hansen, head of commodity strategy at Saxo. Juerg Kiener, executive director and chief investment officer of Swiss Asia Capital, believes that gold may rise to $4,000 per ounce in 2023.

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What do you think about 2023 gold price predictions? Let us know your thoughts on this topic in the comments section below.

Jamie Redman

Jamie Redman is Head of News at News and a fintech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about disruptive protocols emerging today.

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