Overview of Gold Price Trends in Q1 of 2023

Gold prices have been on the rise in Q1 of 2023, with investors turning to the precious metal as a safe-haven asset. This trend has been driven by geopolitical tensions, economic uncertainty, and the ongoing pandemic. As 2023 begins, the price of gold has stabilized above the key $1800/oz level. Increased by 146.47 USD/t oz for gold since 2023’s began.

January: This year’s first week has been a little bit of a seesaw for investors in the equities markets. At $1830, spot gold prices have dropped far enough. Gold prices have mildly added to the gains from the previous week as we move sideways into the weekend, following some up-and-down trading in a week cut short by holidays. Gold has continued to keep a strong position and consolidate most of the gains gained in 2023 so far. The yellow metal’s advance quickened to take the $1930/oz mark thanks to support from the relatively weak US Dollar. The price of gold was back above $1935 per ounce.

February: In February, gold fell 5.2%. Gold prices in February are somewhat off-pace as the first-week concludes, the gold spot declined by over $20/oz before stalling at around $1865. Gold spot prices for the second week briefly fell below $1835/oz and then stabilised around that price until the end of February.

March: Gold is rising higher at the end of a week that was far more turbulent than anyone could have anticipated in advance of a crucial inflation report the following week. The US Dollar also rose as the benchmark 10-year yield once more surged strongly towards +4%. Spot sank another $30 for the yellow metal around $1820. Then with large bank failures around the world investors scurried over to gold as a safe haven. Thus, driving up demand, as well as the spot price, reaching $1860 and higher as it appeared increasingly possible that a significant financial institution will be shut down by federal regulators.

2023 is off to a flying start for precious metals, what do you anticipate Gold prices to close at by the end of the year?