Gold has risen almost continuously since the beginning of November 2022. Currently, its price has already broken six-month records. According to analysts, this year will bring new peaks.
Gold prices are at their highest level since June 2022. The trend has been going on for two months, but according to analysts, this is only the beginning of real records.
Gold prices soared
Gold bullion is currently trading at nearly $1,850 an ounce, the highest level recorded in six months. Recently, the commodity, which is considered a safe haven for investors, was worth that much at the end of June 2022. The rally has been almost uninterrupted since Nov. 2, when gold began to recover from $1,630 an ounce.
Analysts believe that the fear of a recession and the difficult situation in the financial markets will force investors in 2023 to avoid risky investments and invest in gold. Historically, this has been one of the best ways to survive a crisis.
Gold reaches new heights
With multiple funds likely to impact the gold market, analysts predict that 2023 will bring new records. We may even witness the highest gold price in history. The latest peak came on March 8, the day the embargo on Russian oil and natural gas was introduced. At that time, one had to pay almost $2,050 per ounce of gold. Over the past 10 years, raw materials have risen in price only on August 6, 2020.
Experts suggest that, looking at how the market is developing now, definitely devoid of the desire to take risks, one should expect that in 2023, long declared likely to be a recession for many economies, the price of gold could reach as much as $ 2,100 per ounce.
Source: Wprost
