Demand for gold surged to an 11-year high last year. This is due to large-scale purchases on the back of high activity by retail investors and a slowdown of ETF outflows.
Gold will rise in case of a reversal of the Fed's policy
According to expectations of strategists of the Internationale Nederlanden Groep, gold will grow in 2023.
In the opinion of analysts, the Fed's monetary policy will continue to have an impact on gold. A weaker U.S. dollar, due to a less hawkish policy, is likely to support gold prices.
James Knightley suggests that Fed rate hikes will stop after the February meeting.
Fears of recession will also have a positive effect on the precious metal, and the continuing weakening of the U.S. currency will stimulate its growth.
The increase in the volume of long positions of speculators in gold on the COMEX shows a strong bullish mood. Such data was provided by the CFTC.
ETF investors do not change the mood. They are not supporting the gold rally yet due to a 0.2% drop in total ETF metal stocks this year against a rising price.
ING predicts that the price of gold will rise through 2023, with an average price of $1,900 per ounce in the fourth quarter.
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Energy and Precious Metals Market events for February 2-3, 2023
Last year recorded an increased demand for gold up to the levels of 2011
Commerzbank: gold will continue to rise with ETF investors’ increasing interest in the metal
IMF increased forecast for world economy for the first time in a year
Gold comes to the forefront as a protective asset in crisis
Latest news
Last year recorded an increased demand for gold up to the levels of 2011
1 February
Exxon Mobile is criticized for $56 billion profit
1 February
The White House expressed a negative assessment of the record profit of Exxon Mobile in 2022. The company earned $56 billion, and it’s a maximum for both itself and the whole oil industry of Western countries.
White House Supports Alaska Oil Project
1 February
The US Interior Department’s Bureau of Land Management supports an accelerated plan of oil production. It includes 3 new wells across the Willow site in the Petroleum Reserve-Alaska, instead of having 5 wells predetermined earlier.
Energy and Precious Metals Market events for February 2-3, 2023
2 February
On February 2, the focus is on natural gas reserves in the United States. On February 3, data on oil rigs from Baker Hughes and speculative positions on oil and gas, gold, silver, aluminum and copper are on the agenda.
Aluminum buyers from Japan agreed to pay extra charges in the first quarter
1 February
Japan was buying aluminum at a surcharge. Shipments from January to March were at $85-86 per ton, which is 13-14% less than in the previous quarter. Resources report weak demand and strong reserves of aluminum.