Review of Gold Price Movements in the First Quarter of 2023

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?