RHJ
Gold and silver prices are expected to rise in 2023 by 3.3% and 8.8% on average respectively by year-end compared to 2022, the London Bullion Market Association said in its annual survey on Wednesday.
Of Among the factors that could push prices up, 43% of respondents said the US dollar and Federal Reserve monetary policy would be the most important, while 14% said inflation and 11% cited factors geopolitical.
For gold, surveyed analysts forecast an average 2023 price of $1,859.90/oz, although the range was wide, between $1,594 and $2,025; the average gold price in 2022 was $1,800.09/oz.
For silver, analysts expected prices this year to average $23.65/oz, with a range of $17.50-$27.00; the average silver price in 2022 was $21.73/oz.
Analysts surveyed noted that platinum prices have risen 12.5% this year to $1,080.40/oz, while palladium prices are forecast to fall 14% to an average of $1,809.80/oz.
ETFs: (NYSEARCA:GLD), (GDX), (GDXJ), (IAU), (NUGT), (PHYS), (NYSEARCA:SLV), (PSLV), (SIVR), (SIL), (SILJ), (SLVP), (PPLT), (PLTM), (PGM), (PALL), (SPPP)
A new report from the World Gold Council said that demand for gold in 2022 reached its highest level in more than a decade.
