MKS PAMP Group analytics forecast average price of gold to be around $1880 per ounce in 2023

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:

• persisting volatility of the financial market along with a slowdown in global growth;
• returning of strategic investment inflow to its previous levels;
• possible weakness of the U.S. dollar;
• higher-than-expected demand for physical gold from the Asian countries and central banks of many economies;
• probable emergence of new geopolitical and macroeconomic risks.