Gold Prices Reach Six-Month High, Analysts Predict Record Highs in 2023

Gold prices hit a six-month high on Tuesday, with analysts predicting further gains in 2023. Spot gold reached just below $1,850 per troy ounce before dropping to around $1,838 per ounce, while U.S. gold futures increased 1% to $1,844.10. Demand has been boosted by market turbulence, rising recession expectations, and increased gold purchases by central banks. Some analysts believe 2023 will see a new all-time high for gold, with prices exceeding $2,100 per ounce and the start of a “new secular bull market.” The outlook for the year depends on the trajectory of monetary policy as central banks move away from aggressive interest rate hikes amid slowing economic growth and potential recessions

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