How Will Gold Perform in 2023?
At the start of every new year, we all love to look ahead and set goals, make plans, and decide what to do with our futures. One of those decisions can be a financial one, such as setting a savings plan, making an investment move, or adding to your retirement fund. If you are one of these people, an important addition to your portfolio is gold. Whether you are interested in buying gold or have already invested in gold, it is important to see what the experts and analysts say about gold’s performance this year in 2023. Keep reading to learn more about the outlook for gold in 2023 and how investing in gold for retirement can be the best thing you ever do.
What The Analysts Say
Gold could reach a high of $2,100, and silver could reach $28 per ounce in 2023. ABN AMRO expects gold to be around $1,900 per ounce in 2023, and Saxo Bank has detailed that gold could reach $3K per ounce this year.
“2023 is the year that the market finally discovers that inflation is set to remain ablaze for the foreseeable future,” said Ole Hansen, head of commodity strategy at Saxo. Juerg Kiener, managing director and chief investment officer of Swiss Asia Capital, thinks gold could possibly even surge to $4K per ounce in 2023.
An article by CNBC states that the price of gold notched a six-month high early Tuesday, and analysts believe the rally has further to go in 2023. Spot gold peaked just below $1,850 per troy ounce before easing off to trade around $1,838 per ounce. U.S. gold futures were up 1% at $1,844.10.
Gold prices have been on a general incline since the beginning of November as market turbulence, rising recession expectations, and more gold purchases from central banks underpinned demand.
“In general, we are looking for a price friendly 2023 supported by recession and stock market valuation risks — an eventual peak in central bank rates combined with the prospect of a weaker dollar and inflation not returning to the expected sub-3% level by year-end — all adding support,” said Ole Hansen, head of the commodity strategy at Saxo Bank.
Kitco adds that the precious metal is looking to end the year down less than 2%, which would make it one of the best-performing assets, just behind the U.S. dollar. While bullish sentiment is building in the marketplace, some analysts warn investors that they will need to be patient in 2023.
Although the gold market is expected to continue to outperform most asset classes in the new year, some major banks and commodity analysts are not expecting to see a significant push higher until the second half of the year. For now, gold prices are expected to remain in neutral territory at around $1,800 an ounce. Conditions that weighed on gold through most of the year, mainly the Federal Reserve’s aggressive monetary policy stance, could remain in place through at least the first half of 2023.
And, although inflation is expected to be down from the 2022 highs, it is still likely to remain elevated through 2023. The Federal Reserve sees core inflation rising 3.5% in 2023, which is relatively in line with consensus estimates ranging between 3% and 4%. In its preliminary estimate, the University of Michigan reported that consumers see inflation rising 4.6% next year. Pre-COVID-19 inflation was well below 2%. In 2020, inflation in the U.S. rose 1.23%. Analysts have said that an optimistic scenario for gold would be if the Federal Reserve and other central banks raise their inflation target.
Should You Invest In Gold in 2023?
Wondering whether you should invest in gold for retirement in 2023 or add even more to your portfolio? The answer is yes! Analysts agree that although gold is having a slow start to the year, it will likely start a great run. That means that the time to invest in gold is now! Gold will protect you from the likely rise in inflation, interest rates, and much more that are expected to come out of 2023 and keep your retirement assets valuable even as the value of the dollar goes down.
Secure Your Retirement in 2023 with Priority Gold
If you are ready to invest in gold for retirement to protect your savings and secure your future, we can help. Priority Gold is one of the most trusted precious metals dealers in the United States with BBB A+ Rating, AAA Rating with Business Consumer Alliance, and 5 Stars Rating with TrustLink.
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