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Strategists at MKS PAMP Group estimate there’s a 50% possibility of the gold price moving sideways within a range of $1,600-$2,100. Besides that, they suggest that a chance for growth to the level of $2,300 is 30%, while they also note there is a 20% likelihood of a decline to $1,400. Meanwhile, the average price of gold is forecasted to be $1880 in 2023.
Nicky Shiels says that a growth scenario might be supported by the following factors: