Swiss Asia Capital: Gold price might reach the level of $4,000 next year

Chief investment officer of Swiss Asia Capital Juerg Kiener forecasts the rise in gold prices to $4,000 per ounce in the following year. Such a surge is expected due to continued market volatility amid interest rate hikes and fears of a recession.

Kiener outlined that in 2023 a possible range of gold prices will be about $2,500–$4,000 per ounce. According to his forecast, the global gold market is expected to experience not just a jump by 10% or even 20%, but reach new highs.

In the first quarter of next year, the possibility of facing a mild recession will get higher for many economies, as Kiener said. As a consequence, central banks will be forced to slow down the pace of rate hikes, thereby making gold one of the most attractive assets. Moreover, gold is the only asset held in the reserves of any central bank.

Kiener considers gold a reliable protection against inflation and stagflation, as well as a great addition to an investment portfolio.