Gold will hit all-time high in 2023?

2023-08-11
Summary:

Gold prices are on track to rally to all-time highs in 2024 on the back of tapering interest rates. U.S. core CPI increased 0.2% for the second straight month, the first time since February 2021.

Gold prices are on track to rally to all-time highs in 2024 on the back of tapering interest rates. U.S. core CPI increased 0.2% for the second straight month, the first time since February 2021.


Other recent economic data has shown signs of a cooling labour market. Recent data showed the U.S. economy added 187,000 jobs in July, the fewest since December 2020.


Spot gold prices hit its intra-day record of 2,072.5 in 2020 and some analysts believe the precious metal will hit a new high beyond that level.

XAUUSD

Gold will rise above 2,100 in late 2023 or early 2024 as the Fed has almost won its inflation fight, said Bart Melek, TD Securities’ managing director and global head of commodity strategy.


UOB also forecasts that gold prices will set new records, but only by the second half of 2024, predicting that gold will trade at $2,100 per ounce then.


Markets are currently pricing in a 90% chance that Fed maintains its benchmark interest rate in a range of 5.25%-5.50% in September, the CME FedWatch Tool showed.


Chinese retail gold demand has been resilient in 2023 even as consumption of other commodities remained weak, Citi said in a July report.


Citi projects more than 700 ton of jewelry demand, up 22% from the same period last year, from China this year. central bank purchases of gold have also been strong, especially from BRICS countries.


Disclaimer: Investment involves risk. The content of this article is not an investment advice and does not constitute any offer or solicitation to offer or recommendation of any investment product.

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EBC Financial Group is a co-brand shared by a group of entities including:
EBC Financial Group (SVG) LLC is authorized by the St.Vincent and the Grenadines Financial Services Authority(SVGFSA),and the company registration number is 353 LLC 2020. with registered address at Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines.
Other Relevant Entities
EBC Financial Group (UK) Limited is authorised and regulated by the Financial Conduct Authority. Reference Number: 927552. Website: www.ebcfin.co.uk
EBC Financial Group (Australia) Pty Ltd (ACN: 619 073 237) is authorised and regulated by the Australian Securities and Investments Commission (Number: 500991). EBC Financial Group (Australia) Pty Ltd is a related entity of EBC Financial Group (SVG) LLC and are managed separately. EBC Financial Group (Australia) Pty Ltd provides general financial advise services in Australia.
EBC Financial Group (Cayman) Limited is licensed and regulated by the Cayman Islands Monetary Authority (Number: 2038223). Website: www.ebcgroup.ky
Business Address: The Leadenhall Building, 122 Leadenhall Street, London, United Kingdom, EC3V 4AB. Email Address : [email protected]. Telephone : +44 20 3376 9662
Disclaimer: EBC Financial Group explicitly does not participate in any cryptocurrency activities or offer Crypto Contracts for Difference (CFDs). Our financial services solely pertain to traditional instruments. Clients are advised that any references to crypto-related services using the EBC name are inaccurate and unauthorized. Any reference to past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice.
Regional Restrictions: EBC does not offer any services to citizens and residents of certain jurisdictions including: Afghanistan, Belarus, Burma (Myanmar), Canada, Central African Republic, Congo, Cuba, Democratic Republic of the Congo, Eritrea, Haiti, Iran, Iraq, Lebanon, Libya, Malaysia, Mali, North Korea (Democratic People's Republic of Korea), Russia, Somalia, Sudan, South Sudan, Syria, Ukraine (including Crimea, Donetsk, and Luhansk Regions), the United States, Venezuela, and Yemen. For more information, please check out our FAQs.
Compliance Disclosure：The website can be accessed globally and is not specific to any entity. Your actual rights and obligations will be determined based on the entity and jurisdiction that you choose to be regulated.There may be local laws and regulations which prohibit or limit your rights to access, download, distribute, disseminate, share or otherwise use any or all of the documents and information published on this website.
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