Swiss Asia Capital: gold price might rise to $4,000 an ounce in 2023

Gold prices may jump to $4,000 an ounce due to lingering market volatility, supported by interest rate hikes and looming recession. This opinion was shared by Juerg Kiener from Swiss Asia Capital, who is a managing director and chief investment officer of the company.

According to a statement made by Kiener last week, the gold yellow price could probably reach levels within a range of $2,500 and $4,000 an ounce sometime next year. As suggested by Kiener, there’s a high possibility of a significant shift in the global gold market. He also noted that he wasn’t talking about a move of 10% or 20%, but he meant something greater that can “really make new highs.”

Kiener also outlined a probability of many world economies entering “a little bit of a recession” in early 2023. In his opinion, this would make many central banks slow down their pace of interest rate hikes, which, in its turn, would boost gold’s attractiveness to investors. He also underlined the fact that gold is the only asset held in reserves by all central banks.