Bullish gold
The managing director and chief investment officer at Swiss Asia Capital, Jörg Kenner, expected a significant increase in gold prices during the next year, in conjunction with the increasing demand for the precious metal in light of the strengthening fears of the global economic recession and the possibility of slowing the pace of monetary tightening globally.
Jürg Kiener explained that gold prices may rise near the level of $4,000 an ounce in 2023, especially since high interest rates and recession fears make markets volatile, as the price of gold may range between $2,500 and $4,000 in light of these developments.
The economist added that there is a good chance that the gold market will have a big movement, and that the rate of increase in the prices of the yellow metal will not be 10% or 20% only, but will achieve new heights due to the possibility of many central banks slowing down the pace of raising interest rates, which is what It will make gold more attractive to investors.
Commerzbank expects gold to rise to $1850 an ounce, what are the reasons?