Gold The Analysts are in agreement that 2023 will be an upwardly mobile year. In The first week of the new year, the precious metal saw an increase of 2.36% in comparison to US dollars. Over the last 65 days, gold has risen by 14.55%, silver by 22.31% and gold -22.31% respectively. According to MKS Pamp’s Head of Macro-and Metals Strategy Group, “there is a decent amount of ‘upslope’ demand that has been carried over from last year”.
Central Bank Gold Purchases and Geopolitical Tensions are Driving the Rally
The current market price of gold shows that there is still a high demand, as the value of a troy ounce rose from $1823 in the early quarter of 2013 to $1866. Although the US dollar has increased by 2.3%, the value of gold has decreased by 0.588% since the start of the year.
In the last two months, gold and silver have both seen a significant increase. The dollar has risen by 14.55%, while silver has increased by 22.3%. With precious metals becoming increasingly popular, gold is expected to be the star of 2023. “It will shine this year,” according to the ‘Gold Mining Bull’ theory.
This article is part of a two-part series. ‘Gold Mining Bull’ wrote a report on Seeking Alpha outlining why gold will do well in 2023. The source mentioned Central Bank gold purchases, ongoing geopolitical tensions, a