Experts predict record heights for precious metal -
Experts predict record heights for precious metal -
gold was on the rise in 2023 and in the first week of the new year alone, the precious metal rose by $ 2.36 % compared to the US dollar. Gold has risen by 14.55 % in the last 65 days, while silver has shot by 22.31 % over Greenback since November 3, 2022. Increasing demand that was taken from last year “for gold.
The demand from the central bank and the ongoing geopolitical tensions continue to drive the rise of gold ahead
The demand for gold has continued to increase in the past seven days according to the market prices. Gold rose from $ 1,823 per troy otes to $ 1,866 during this period. While gold rose by 2.36 % compared to the US dollar, a Troy ounce fine silver has dropped by about 0.58 % since the beginning of the year.
In the past two months, both gold and silver have risen sharply, with gold added 14.55 % and silver by 22.31 % compared to greenback. Since precious metals are on the rise, "Goldbugs" believe that the yellow metal "will shine in 2023".
In a second-part series "Gold Mining Bull", an author of Seeking Alpha, argues that gold will do better in 2023. The author quotes Central bank demand and "persistent geopolitical tensions" as reasons for optimism. Gold Mining Bull pays special attention to the gold purchases of the central bank this year.
"Central banks all over the world, especially in China, Turkey and India, bought gold in record speed," explains the author. "This trend has lasted for 13 years in a row, but the pace has accelerated lately." The analyst adds:
You have increased your gold reserves in recent years to diversify your foreign exchange stocks and reduce dependence on the US dollar.
In addition, the author believes that there are six other things that could boost the gold price, including a recovery in jewelry demand, the final linchpin of the Federal Reserve, the escalation of the gold price Ukraine-Russland-War A weaker US dollar, a limited range of new mines and the possibility of an invasion Chinas in Taiwan.
The gold purchases of the central banks were a particularly influential factor in relation to gold interest last year. According to analysts cited according to the Financial Times in 2022 when asked about the most gold accumulated.
The Head of Metals Strategy of the MKS Pamp Group comments on the positive market trend of Gold
nicky schiels Head of metal strategy and macro for the MKS Pamp Group, told kitco news on Friday, that there was a catch -up requirement for gold, which could indicate a positive market trend. Shiels spoke about the uprising of this week salary bills outside agriculture in the USA and said that it was "just nothing recessive" on the test report .
As far as gold is concerned, it depends on whether the precious metal can maintain its weekly increase in value. "Depending on whether gold can maintain its weekly profits (which is becoming increasingly more likely), the offensive way is strengthening how gold has been traded since it has established a slight upward trend since the beginning of November - always looking for reasons for a rally," she said. Shiels continued:
There is a considerable amount of interest bully need to catch up, which was taken over from last year and can be sparked at the right data point (CPI & PCE), will be much more meaningful.
On January 5, 2023, Shiels also shared the year 2023 of the MKS Pamp Group precious metal forecast , which shows an average price of $ 1,880 for gold and $ 22.50 for silver. According to the forecast, Gold could reach a maximum of $ 2,100 and silver $ 28 per ounce in 2023. Abn amro Gold is expected in 2023 $ 1,900 per ounce, and Saxo Bank did it detailed that gold could reach $ 3,000 per ounce this year.
"2023 is the year in which the market is finally discovered that inflation will remain on fire for the foreseeable future," said Ole Hansen, head of the raw material strategy at Saxo. Jürg Kiener, Managing Director and Chief Investment Officer of Swiss Asia Capital, thinks gold could possibly even rise to $ 4,000 per ounce in 2023.
What do you think of the gold price forecasts for 2023? Let us know your thoughts on this topic in the comment area below.
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