Gold Price Forecast: Very positive background for XAU/USD in 2023 — ANZ

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The price of gold reached levels last seen in April 2022, above $1,900. ANZ bank economists they believe that the yellow metal has good prospects for next year.

Central bank gold purchases likely to continue

“A deteriorating economic outlook will add to safe-haven demand for gold. Geopolitical risks are also likely to remain elevated for the second year in a row, encouraging investors to hedge.”

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“We expect jewelry demand to grow 4% yoy, outpacing 2021, the outlook for physical demand has also improved. As China’s economic activity normalizes after it reopens, demand for inputs is likely to rebound. India is relatively well positioned, propping up demand for jewelry. We levels.”

“Central bank gold purchases are likely to continue, albeit at a slower pace than this year’s record purchases. Elevated geopolitical risks, trade tensions and currency risks will continue to prompt them to diversify their gold reserves. currencies in gold.”

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Source: Fx Street

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