Gold could see a difficult start to 2023 but will shine brighter by year-end - analysts Goldoutlook 2023
Welcome to Kitco News' 2023 outlook series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.
Conditions that weighed on gold through most of the year, mainly the Federal Reserve's aggressive monetary policy stance, could remain in place through at least the first half of 2023. While the Federal Reserve continues to take a firm stance on inflation, economists note that the central bank is closer to the end of its tightening cycle, which could be good for gold.
"After what is expected to be the last interest rate hike in March, a period of unchanged rates is likely to follow before the Fed cuts the key rate again toward the end of 2023 in view of a weak economy and lower inflation. The Fed, on the other hand, is not yet forecasting this. As soon as the Fed also adopts this view, the gold price should rise again," said analysts at the German bank.
Douglas Groh, senior portfolio manager at Sprott Asset Management, said in a recent interview with Kitco News that shifting economic trends could mean that the world is entering a period of higher inflation. T.D. Securities is among the most bearish on gold in 2023. The Canadian bank sees the precious metal falling to $1,575 by the first quarter of next year.
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