Dear traders,
According to Bank of America analytics, a rally in the gold market is expected in 2023 due to changes in the Fed’s monetary policy.
In the first nine months of 2022, demand rose by 18% to pre-pandemic levels. By September, central banks had purchased 673 tons of gold, which is significantly more than in the whole of 2021(454 tons).
Next year could see upwards of $2,000 an ounce, experts say, as gold will be in the best position for US Federal Reserve rate adjustments. A slowdown in rate hikes may attract new investors to the gold market.
“Thus, given the already high physical demand in some regions, we believe that gold prices should rise in the second half of 2023,” BofA experts predict.
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