Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.
Along with its bull-market status, so far, the precious metal is up $100 in the first month of 2023, its best start to the year since 2012. "The yellow metal is finding fresh demand from traders and investors seeing an improved outlook as last year's headwinds, from rate hikes to rising yields and dollar, become tailwinds as rate hikes eventually pause while yields and the dollar softens amid concerns about the economic outlook," said Ole Hansen, head of commodity strategy at Saxo Bank, in a note Tuesday.
Although $1,940 is proving to be slightly sticky resistance for gold, Jeremy Naylor, market analyst at I.G., said that if prices do break, there is not much holding it back from its all-time highs. "The precious metal certainly remains on a roll, securing five consecutive weekly gains, and could push higher if the fundamental drivers remain unchanged. A weaker dollar and soft U.S. economic data could further sweeten appetite for gold over the next few days," he said.
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