Gold notched an 8-month intraday high on Monday as the precious metal's strong start to 2023 continued, buoyed by lower yields and a weaker dollar.
"The metal has also been buoyed by the reopening in China with pictures of very crowded gold markets seeing pre-Lunar demand and the PBoC [People's Bank of China] announcing it bought 62 tons of gold during the last two months of the year," Ole Hansen, head of commodity strategy at Saxo Bank, said in a note Tuesday.
Hansen said focus this week will be on Thursday's U.S. CPI inflation print, and placed the "next major hurdle" for gold at $1,896/oz. Meanwhile, David Neuhauser, founder and chief investment officer at Livermore Partners, told CNBC on Tuesday that he expects the recent momentum for gold to continue as investors determine that further currency debasement is likely to occur over the coming years.
"I think as you look forward, you start to look around and think 'where is the safest place for your investment in terms of assets?' and the only place really to go as an alternative now is gold, in terms of knowing that you are not going to see that debasement of your assets," Neuhauser told CNBC's "Squawk Box Europe."
"I have liked gold for several years. Looking at the dollar peaking, it has gained a little bit of a lift-off here for the past several months, so I see that continuing for some time."Last year — a tough one for most asset classes — gold offered an effective hedge for investors, according to precious metals investment firm Sprott. It called the precious metal a "clear macroeconomic winner in relative and absolute terms.
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