Gold Prices Expected to Soar in 2023: Experts Predict Record Highs for Precious Metal• https://news.bitcoin.com, by Jamie Redman
Over the past 65 days, gold has soared 14.55% while silver has skyrocketed 22.31% against the greenback since Nov. 3, 2022. According to the head of metals strategy at MKS Pamp Group, there is a "decent amount of bullish 'pent-up' demand that has been carried over from last year" for gold.
Central Bank Demand and Ongoing Geopolitical Tensions Continue to Drive Gold's Ascent
The insistence for gold has continued to rise according to market prices during the past seven days. Gold jumped from $1,823 per troy ounce to $1,866 in that time frame. While gold is up 2.36% against the U.S. dollar, a troy ounce of fine silver is down roughly 0.58% since the start of the year.
Over the past two months, both gold and silver have risen a great deal, with gold jumping 14.55% and silver increasing 22.31% against the greenback. With precious metals on the rise, 'gold bugs' believe the yellow metal is "set to shine in 2023."
In a two-part series, "Gold Mining Bull," an author for Seeking Alpha, argues that gold will perform better in 2023. The author cites central bank demand and "ongoing geopolitical tensions" as reasons for optimism. Gold Mining Bull is paying particularly close attention to central bank gold purchases this year.
"Central banks around the world, particularly in China, Turkey, and India, have been buying gold at a record pace," the author explains. "This trend has been going on for the past 13 consecutive years, but recently the pace has accelerated."