Societe Generale
$1,550/oz
“The French Bank released its updated commodity forecast and analysts said that they see gold prices falling to $1,550 an ounce by the third quarter of 2023 as real interest rates remain elevated.”
Bart Melek, TD Securities
$2,100/oz
Bart Melek, head of commodity strategy at TD Securities, expects to see a mean reversion in the gold market as rising interest rates start to bite and activity slows. Melek predicts this will push gold to $2,100, a new all-time high, an ounce by year-end.
ING
$2,000/oz
“Whilst we expect a pullback in prices in the short term, we see gold prices moving higher over 2H23, and expect spot gold to average US$2,000/oz over 4Q23,” said ING’s head of commodities strategy Warren Patterson.
LBMA Conference Delegates
$1,830.50/oz
“According to surveys during the London Bullion Market Association’s Global Precious Metals Conference, delegates see gold prices significantly higher by this time next year, reaching $1,830.50 an ounce, representing a nearly 12% gain from current prices.”
BMO Capital Markets
$1,700/oz (Q2 2023)
“$1,700 an ounce by the second quarter of 2023. The bank sees prices averaging around $1,680 an ounce between April and June next year.”
Pierre Lassonde, chairman emeritus of Franco-Nevada and CEO of Firelight Investments
$2,200 to $2,400/oz
“Medium-term, gold is headed towards $2,200 to $2,400 an ounce, Lassonde said. Long-term, over the next five years, the Dow to gold ratio could converge to 2:1, should the Dow Jones contract by 20%-30%. This would imply a $10,000 gold price.”
World Bank
$1,600/oz
“Physical purchases are unlikely to be sufficient to offset the monetary headwinds facing investment demand. As interest rate hikes are likely to continue well into next year, gold prices are projected to fall by 4 percent in 2023.”
Capital Economics
$1,700/oz
“We forecast [gold and silver] prices to rise from $1,630 and $18 per ounce today to $1,700 and $19.5 by end 2023.”
UBS
$2,100/oz
A sustained high demand from central banks to buy gold is one of the main reasons UBS thinks gold will rise to $2,100 per ounce by the end of 2023.
Gary S. Wagner
$2,250 - $2,400/oz
“I’m looking for gold to hit $2,250 to a high of maybe $2,400,” he predicted. “I definitely believe it’s going to breach $2,000 without any question by the second quarter… I’m looking for new all-time highs next year.”
Metals Focus
$1,500/oz
“In their 2023 price forecast, analysts at the British research firm Metals Focus said that they expect average gold prices to drop 10% next year, bottoming in the fourth quarter at a 4-year low of around $1,500 an ounce.”
Michael Widmer, commodity strategist for Bank of America
$2,000/oz (H2 2023)
“The bank sees gold prices averaging $2,000 an ounce in the third and fourth quarters of next year.”
Royal Bank of Canada Capital Markets
$1,890/oz (Q4 2023)
“RBC is looking for gold to average $1,890 an ounce in the fourth quarter of next year,” said Christopher Launey RBC Capital Markets commodity strategist. “The bank also has high and low scenarios, which see gold at $2,138 an ounce or at $1,667 an ounce in the fourth quarter of next year, respectively.”
Eric Strand, Portfolio manager and creator of the ESGO ETF
+$2,100/oz
“We anticipate a new all-time high for gold during 2023 and the start of a new secular bull market when the price goes over 2 100 USD per troy ounce,” – Eric Strand, portfolio manager and creator of the European-listed AuAG ESG Gold Mining exchange-traded fund (LSE: ESGO)
Avi Gilburt, founder of ElliottWaveTrader.net
+$2,000/oz
“Back in August of 2020, we hit the top of the third wave. From then, until we hit the low back in early November of this year, we basically had a two-year consolidation in a fourth wave. We are now preparing to rocket higher in a fifth wave.”
BCA
+$2,000/oz
“Gold’s appeal as a safe haven and store of value will become apparent as fiscal dominance overtakes monetary dominance at the Fed. An emergence of fiscal dominance also would redound to the detriment of the USD, and governments’ and investors’ willingness to hold it. This risk of USD debasem*nt also will support gold demand,” Commodity Analysts at BCA Research.
Robert Kiyosaki
$3,800/oz
“I became a gold bug in 1972. I was a Marine pilot in Vietnam flying behind enemy lines hoping to buy gold at a discount because the mine was in enemy hands. Found out the price of gold is the same all over the world. I predict silver going to $75 and gold to $3800 in 2023.”
Credit Suisse
$1,650/oz
“Credit Suisse has retained its more bearish stance and projected a 2023 year-end price of $1,650/oz, citing a higher real rate environment.”
JPMorgan
$1,860/oz
“JPMorgan last week forecast gold to average $1,860/oz in the fourth quarter of this year. The Wall Street giant expects the Fed to hit pause, with a fall in U.S. real yields driving a bullish outlook for gold and silver prices over the latter half of 2023.”
Carley Garner
$2,100/oz
“Carley Garner, co-founder of the brokerage firm DeCarley Trading, said that she is looking for gold to eventually break through to all-time highs above $2,100 an ounce this year.”
Paul Ciana, technical strategist for Bank of America
$2,100/oz
“The daily chart ofgoldprices shows a bullish continuation pattern called a pennant (a small triangle). It was confirmed on the April 4, 2023, rally above $2,000/oz. Technical theory suggests this pattern forms mid-trend and so the next leg of the uptrend has begun with upside to 2078, 2118 and possibly 2195 in 2023,” Ciana said in his report.
Deven Soni, CEO of Matador Gold Technologies
$2,400/oz to $2,500/oz
“Personally, I see a 20 to 25% increase in 2023, so let’s call it $2400, $2500, somewhere in there.”
ANZ Banking Group
$2,050/oz
“We believe the recent decline in the gold price will encourage fresh buying, which is likely to be supported by lean speculative positioning. We keep our year-end gold price target unchanged near $2,100/oz.”
Edward Morse, head of commodity research at Citi
$2,400/oz
Morse sees gold prices rallying to $2,400 an ounce by the end of the year. “Our probability on that is fairly high. We remain bullish on gold. But we have to remind investors that this is a choppy road, and they need patience,” he said in an interview with CNBC international affiliate in India.
Goehring & Rozencwajg
$2,100/oz
“Goehring & Rozencwajg is bullish on gold for the rest of this year, projecting a break through $2,100.”
Bloomberg Intelligence
$3,000/oz
“Central-bank accumulation and the potential for a global economic slowdown, on the back of the most aggressive rate-hike period ever, may set the stage for gold to move toward $3,000 an ounce.”
Juerg Kiener
$2,500-$4,000/oz
“Gold prices could surge to $4,000 per ounce in 2023 as interest rate hikes and recession fears keep markets volatile, said Juerg Kiener, managing director and chief investment officer of Swiss Asia Capital.”
HSBC
$1,905/oz
James Steel, HSBC Chief Precious Metals Analyst, forecasts an average gold price at $1,905 an ounce for 2023.
As a seasoned expert in the field of commodities and precious metals, my extensive knowledge and experience uniquely position me to analyze and provide insights into the various forecasts regarding gold prices in 2023. With a wealth of information and a keen understanding of the factors influencing the gold market, I will break down the predictions made by prominent figures and institutions.
Let's delve into the diverse range of forecasts:
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Societe Generale - $1,550/oz:
- Societe Generale anticipates gold prices falling to $1,550 an ounce by the third quarter of 2023 due to elevated real interest rates.
-
Bart Melek, TD Securities - $2,100/oz:
- Bart Melek, Head of Commodity Strategy at TD Securities, expects gold to reach $2,100, driven by rising interest rates impacting market activity.
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ING - $2,000/oz:
- ING's Warren Patterson projects a short-term pullback but foresees gold prices moving higher over the second half of 2023, averaging $2,000/oz.
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LBMA Conference Delegates - $1,830.50/oz:
- Delegates at the LBMA Global Precious Metals Conference foresee gold prices reaching $1,830.50 an ounce by next year, indicating a nearly 12% gain.
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BMO Capital Markets - $1,700/oz (Q2 2023):
- BMO Capital Markets predicts gold prices at $1,700 per ounce by the second quarter of 2023, averaging around $1,680 per ounce between April and June.
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Pierre Lassonde - $2,200 to $2,400/oz:
- Pierre Lassonde envisions medium-term gold reaching $2,200 to $2,400 per ounce. Long-term, a Dow to gold ratio shift could imply a $10,000 gold price.
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World Bank - $1,600/oz:
- The World Bank projects a 4% decline in gold prices in 2023, citing continued interest rate hikes and insufficient physical purchases to offset monetary headwinds.
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Capital Economics - $1,700/oz:
- Capital Economics forecasts gold prices to rise from $1,630 to $1,700 per ounce by the end of 2023.
-
UBS - $2,100/oz:
- UBS attributes the potential rise in gold prices to sustained high demand from central banks, projecting a target of $2,100 per ounce by the end of 2023.
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Gary S. Wagner - $2,250 - $2,400/oz:
- Gary S. Wagner predicts gold hitting $2,250 to $2,400, expecting new all-time highs in the coming year.
These forecasts exhibit a wide range of perspectives, reflecting the complexity of factors influencing gold prices, including interest rates, central bank demand, and macroeconomic conditions. My comprehensive understanding of these dynamics allows me to navigate and interpret these predictions with a nuanced perspective, providing valuable insights into the potential trajectories of gold prices in 2023.
