Analysts predict gold price rise in 2023

As some analysts and investors expect, in 2023 gold prices will rise again. They believe that the worst of the higher consumer prices have already happened, and that the dollar and profitability will decline, helping gold prices rise.

Investors believe that gold will keep its value and remain stable while other assets are having a tough time. This year, stocks, bonds and precious metals in the U.S. and abroad are being affected by persistent inflation, higher interest rates and economic concerns. Expectations that gold would rise in value because of higher consumer prices have not materialized.

Bank of America strategists say that the price of gold could be close to a record next year. It could reach $2,000 per ounce. Citigroup analysts report that due to increased risks of global recession the inflow of money into gold funds may increase. On the other hand, prices may rise to an average level of more than $1,900 by the middle of 2023.

Peter Boockvar, chief investment director of Bleakley Financial Group, thinks that the Fed's interest rate hikes have almost stopped, and that's good for gold and silver.