Gold Outlook 2023

Gold prices have fluctuated throughout 2022, but have seen a strong end to the year on hopes that inflation has slowed and China has relaxed its Covid-19 restrictions. Gold prices are up 13% since November. The Federal Reserve's slower pace of interest rate hikes and cooler-than-expected inflation and consumer spending data in the US has also had an impact on gold prices. Saxo Bank has predicted that gold prices could reach $3,000 per ounce in 2023, due to a "war economy" mentality that makes gold more attractive than foreign reserves, increased investment in national security, and rising global liquidity. The outlook for gold in 2023 could also be positive due to a potential global economic slowdown and dovish central bank policies, especially in the US.