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ANZ Bank: gold will rise to $1,900 by the end of 2023
According to ANZ Bank economists’ forecasts, the gold price will rise to $1,900 by the end of next year.
In the short term, as economists stated, due to the strengthening U.S. dollar, gold may recover to the recent levels. Judging by investors’ preferences, non-commercial short positions increased significantly in the third quarter of this year. However, as the rate hike cycle was expected to be slower, the number of these positions declined.
ANZ Bank economists also say that global growth will slow in the second quarter of next year as geopolitical risks are extremely high. Thus, the price of gold may rise due to the fact that investors are more likely to buy safe-haven assets. The projected gold price for 2023 is $1,900.
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