BAKU, Azerbaijan, July 16. The expected price for gold in 2023 is estimated at $1,800 per ounce, which is a decrease, compared to the projected 2022 price ($1,850 per ounce), Trend reports via the recent outlook from Fitch Solutions.
Meanwhile, according to the report, the current gold prices remain up - at $1,742 per ounce.
“Gold prices face significant downside pressure from rising bond yields as the US Fed delivers on their hawkish stance. The safe-haven asset had enjoyed an uptick in demand earlier on in 2022 after the Russian invasion of Ukraine as investors adopted a risk-off sentiment,” the report said.
Thus, Fitch Solutions expects the US dollar to strengthen and recover bond yields to cap gold prices.
“However, prices will not collapse back to pre-COVID-19 levels as gold will remain supported by the evolving Russia-Ukraine war, rising global inflation, and the still persisting COVID-19 pandemic,” Fitch Solutions concluded.
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