The price of gold notched a six-month high early on Tuesday, and analysts believe the rally has further to go in 2023.
Gold prices have been on a general incline since the beginning of November as market turbulence, rising recession expectations, and more gold purchases from central banks underpinned demand.One kilo gold bars are pictured at the plant of gold and silver refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022.notched a six-month high early on Tuesday, and analysts believe the rally has further to go in 2023.
"In general, we are looking for a price friendly 2023 supported by recession and stock market valuation risks — an eventual peak in central bank rates combined with the prospect of a weaker dollar and inflation not returning to the expected sub-3% level by year-end — all adding support," said Ole Hansen, head of commodity strategy at Saxo Bank.
"Above $1842, the 50% [mark] of the 2022 correction, gold will be looking for resistance at $1850 and $1878 next," Hansen added.Much of the 2023 outlook for global markets hinges on the trajectory of monetary policy as central banks ease off the aggressive interest rate hikes of the past year amid slowing economic growth and possible recessions.
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