Managing director and chief investment officer of Swiss Asia Capital, Juerg Keener, said that the price of gold could reach $4,000 per ounce in 2023 due to rising interest rates and the Fear of recession causing volatility in the market.
Keener told CNBC’s “Street Signs Asia” yesterday (Dec. 21) that the price of gold could reach the $2,500-$4,000 range next year.
He explained that the economy in many countries may face a “small recession” in the first quarter of next year. This could prompt many central banks to delay their interest rate hikes and immediately make gold more attractive. ready to add that Gold is the only asset that every central bank has.
According to the World Gold Council (WGC), several central banks bought 400 tonnes of gold in the third quarter of 2022, almost double the record level of 241 tonnes in the third quarter of 2018.
However, senior market strategist Kenny Polkari at Slatestone Wealth disagrees with the forecast, suggesting that the price of gold could more than double next year. despite high demand for gold “I don’t think gold will hit $4,000, although I would love to see it go there,” he said on “Street Signs Asia” today (December 22).
Gold prices rose on Tuesday (December 20) as the dollar weakened after the Bank of Japan announced a revised bond yield framework. The announcement sent gold prices up 1% above $1,800 before plunging yesterday. as the dollar recovers
