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New outlook predicts big gains for gold in 2023

Gold is expected to make gain after gain in 2023 with a new outlook suggesting that the precious metal will continue to rebound in the New Year. 

Analysts from Capital Economics expect that the Federal Reserve will slow down the pace of rate hikes, creating space for the gold bulls to gather momentum as the year progresses.

Commenting on their highly favourable expectations for gold, Capital Economics’ commodities economist Edward Gardener said, “We forecast prices to rise from £1,450 ($1,630) today to £1,512 ($1,700) by the end of 2023. If we are right in thinking U.S. rates won’t rise by as much as markets expect, gold prices should increase next year.”

Also playing into the hands of the gold bulls is the expected decline in the strength of the dollar. “If we are right and the slowdown in global economic growth will trough at around the middle of next year, then we think improved risk appetite will then lead to a weaker dollar,” Gardener added. Should this happen, gold is expected to gain.

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