Gold surges to 6-month high, and analysts expect records in 2023
The price of gold notched a six-month high early Tuesday, and analysts believe the rally has further to go in 2023, CNBC reports.
Spot gold peaked just below $1,850 per troy ounce before easing off to trade around $1,838 per ounce. U.S. gold futures were up 1% at $1,844.10. Gold prices have been on a general incline since the beginning of November as market turbulence, rising recession expectations and more gold purchases from central banks underpinned demand. Much of the 2023 outlook for global markets hinges on the trajectory of monetary policy as central banks ease off the aggressive interest rate hikes of the past year amid slowing economic growth and possible recessions.
