Gold outlook for 2023

It is likely that gold will manage to outperform most asset classes in the upcoming year. However, some specialists believe that the precious metal will not show any rapid increase at least until the second half of the year. 

According to the forecast of Bank of America analysts, the current U.S. monetary tightening cycle will end in March 2023. The Federal Reserve (Fed) is expected to begin lowering interest rates by the end of next year. In this scenario, gold prices might rise to $2,000 per ounce. Opinion of Danish Saxo Bank analysts on gold price dynamics is in line with forecasts of Bank of America. 

Analysts at German Commerzbank also expect the Fed’s interest rates to decline at the end of 2023. But gold prices will not climb above $1,850 per ounce by this time, according to their forecasts.

Canadian bank T.D. Securities, in turn, assumes that in late 2023, gold prices will rise to $1,800 per ounce, and even fall to $1,575 in the first quarter. By the end of 2024, gold might grow by $1,000 and reach the level of $1,900 per ounce.