Gold is rising in 2023 and in the first week of the new year alone, the precious metal shed 2.36% against the US dollar. Over the last 65 days, gold is up 14.55% while silver is up 22.31% against the greenback since November 1st. 3, 2022. According to MKS Pamp Group Head of Metals Strategy, there is “a good amount of bullish ‘pent up’ carryover from last year” for gold. Central Bank interest and geopolitical turmoil continue to fuel gold’s rise
The trend in gold is still rising according to the price of the last seven days. Gold fell from $1,823 per troy ounce to $1,866 during this period. While gold is up 2.36% against the US dollar, the troy ounce of pure silver is down about 0.58% annually.
Over the past two months, gold and silver have risen significantly, with gold jumping 14.55% and silver 22.31% against the greenback. With the rise of precious metals, “gold dogs” believe that gold is “ready to shine in 2023.”
In a two-part series, “Gold Mining Bull,” an author from Seeking Alpha, argues that gold will perform well in 2023. The author cited the central bank’s desire to “conflict geopolitical progress” as the reason. Gold Mining Bull is paying close attention to central bank gold purchases this year.
“Central banks around the world, especially in China, Turkey and India, are buying gold at a rapid pace,” the author explains. “This event has been going on for 13 years in a row, but recently it has been higher.” The researcher added:
They have increased their gold reserves in recent years to diversify their holdings and reduce their dependence on the US dollar.
In addition, the author thinks that there are six other factors that can cause the price of gold to rise, including the return to the demand for jewelry, the end of the Federal Reserve, the escalation of the war between Ukraine and Russia, the US dollar is weak. new small mines, and the possibility of a Chinese invasion of Taiwan. Central banks’ purchases of gold have been the most influential factor in terms of interest in gold over the past year. According to Financial Times analysts, Russia and China have gathered the most gold in 2022 in terms of demand.
MKS Pamp Group Strategy Metals Leaders Talk About Positive Gold Market Trend
Nicky Shiels, head of metals and macro strategy for MKS Pamp Group, told Kitco News on Friday that there has been demand for gold, which could indicate a positive market trend. Shiels weighed in on the rise in non-farm payrolls in the United States this week and said there was nothing “slowing down” about the news. As for gold, it depends on whether the precious metal can support its weekly appreciation. “Depending on whether gold can maintain its weekly value (which looks increasingly strong), this makes a bad way for gold to trade since it has been established a little higher since early November – still looking.
There is a good amount of “pent up” that has been carried over from the previous year that can be turned on where the correct data (CPI and PCE) will improve.
In Jan. On January 5, 2023, Shiels shared MKS Pamp Group’s precious metal forecast for 2023, which shows an average price of $1,880 for gold and $22.50 for silver. According to forecasts, gold may reach a high of $2,100 and silver may reach $28 per ounce in 2023. ABN AMRO expects gold to be around $1,900 per ounce in 2023, and Saxo Bank has predicted that gold could reach $3,000 per ounce this year.
“2023 is the year the market finally realizes that prices may be burning for the foreseeable future,” said Ole Hansen, head of commodity strategy at Saxo. Juerg Kiener, managing director and chief investment officer at Swiss Asia Capital, thinks gold could reach $4,000 an ounce in 2023.