After hitting 6-month high.. Analysts expect a record rise in gold ‎during 2023‎

Economic analysts revealed that they expect a record rise in gold in the year 2023, as Ole Hansen, head of commodity strategy at “Saxo Bank”, pointed to several factors that support the price of gold in the new year, including recession and the risks of evaluating the stock market, the possibility of a weak dollar and a lack of decline. Inflation is expected to be below 3% annually

Gold prices have witnessed a general rise since the beginning of November, as demand reinforced market volatility, growing recession expectations, and increased gold purchases by central banks.

In addition, it seems that the decline in the dollar that many central banks witnessed in the past year when a record amount of gold was purchased will continue, and thus its impact on the market.”

Gold prices recorded their highest level in six months on Tuesday, and spot gold rose 0.8% to $1838.69 an ounce. And gold futures contracts in the United States increased by 1% to $ 1843.90.

While the dollar index fell by 0.1%, which makes gold priced in the US currency more attractive to buyers abroad.

For his part, said Eric Strand, director of the AuAg investment fund, which invests in gold and silver mining according to

“CNBC” that gold will achieve a new all-time high in 2023 and the start of a “new bull market”, as the price exceeds $ 2100 an ounce. Pointing out that “central banks have continued as a group, since the major financial crisis, to add more gold to their reserves, with a new record recorded in [for the third quarter] of 2022.”

Strand said that central banks will focus on raising interest rates and will become pessimistic during 2023, which will spark an upward movement for gold for years to come. It is expected that gold will end in 2023, with an increase of at least 20%

A view endorsed by Jörg Kenner, managing director and chief investment officer at Swiss Asia Capital, who told CNBC last month that current market conditions mirror those of 2001 and 2008.

In 2001 not only did the market move 20 or 30%, it moved a lot, like in 2008 when there was really a little selling in the market and the stimulus came back, and gold went from $600 to $1800, so I think there’s a very good chance we’ll see a big move,

He added in interview with the “Street Signs Asia” program on “CNBS” in late December that “the rise will not only be 10 or 20%, but it will be a move that will really reach new heights.”