Gold and silver are likely to benefit in 2023

The outlook for gold and silver appears to be promising in 2023. This is reported by precious metals' experts Tim Murphy and Joe Elkjer. 

Bank of America predicts that gold is going to be a steady backbone for investment portfolios over the next three years. The yellow metal has been trading above $1,900 per ounce since early 2022. Silver, in turn, also has a positive trend. 

Favorable forecasts for gold in 2023 give a signal to the major buyers of precious metals around the world, including central banks (CBs). Regulators have been purchasing the yellow metal amid fears that the economic environment could shift unexpectedly. Gold is also an alternative to the U.S. dollar, known to be confronted by growing concerns from investors. 

The spot price of the yellow metal has almost hit a record high at this point. Experts believe that the value of silver is also rising.

The situation on the market proves that the year is going to be a favorable one for precious metals. Meanwhile, a number of major investors, including central banks and other institutions, invested heavily in gold, thereby increasing their own inventories. With inflation and the U.S. dollar weakening, investors turned back to safe haven assets, including gold.