Bullish gold
The managing director and chief investment officer of Swiss Asia Capital, Jörg Kenner, expected a significant increase in gold prices over the next year, in conjunction with the growing demand for the precious metal in light of the strengthening fears of global economic recession and the possibility of slowing down the pace of global monetary tightening.
Jürg Kiener explained that gold prices could rise close to the $4,000 an ounce level in 2023, mainly because high interest rates and recession fears make markets volatile, as the price of gold can fluctuate between $ 2,500 and $4,000 in light of these developments.
The economist added that there is a good chance that the gold market has a big movement and that the rate of increase in the price of the yellow metal will not be just 10% or 20%, but will reach new highs due to the possibility that many central banks slow the pace of interest rate hikes, which is what will make gold more attractive to investors.
Commerzbank expects gold to rise to $1850 an ounce, what are the reasons?
