Comex Gold Futures Delivered February Unchanged, closing $1,826.2/oz.
Trading is light. While most investors are out of business at the end of the year.
Spot gold was up about 9% in the fourth quarter, rebounding to nearly $200 after plunging to a two-year low in September.
Analysts expect a rebound in gold prices in 2023, boosted by safe-haven gold orders. Amidst Geopolitical Concerns As Central Banks Of Various Nations Will Continue To Buy Gold In Reserves Including Expectations Of Interest Rate Slowing By The Federal Reserve (Fed).
Juerg Keener, managing director and chief investment officer of Swiss Asia Capital, previously said: Gold prices could reach $4,000 an ounce in 2023 as many countries face a recession in the first quarter of next year. This will cause many central banks to start slowing interest rate hikes. And it is a factor that attracts investment in gold.
“Since 2000, gold has averaged about 8 to 10% annual returns that you won’t find in bonds or the stock market,” Keener said.
In addition, the price of gold also has a positive factor as an asset to hedge against inflation. while inflation is expected to remain high in 2023.
Mr. Keener said that China remains a big buyer in the gold market.
The People’s Bank of China said the central bank bought another $1.8 billion of gold in reserves. As a result, China has amassed about $112 billion in gold reserves.
