Gold surges to 6-month high, and analysts expect records in 2023

By Elliot Smith

2023.01.03

KEY POINTS

• Gold prices have been on a general incline since the beginning of November as market turbulence, rising recession expectations and more gold purchases from central banks underpinned demand.
• Several analysts are projecting record highs for the precious metal in 2023.

LONDON — The price of gold notched a six-month high early Tuesday, and analysts believe the rally has further to go in 2023.

Spot gold peaked just below $1,850 per troy ounce before easing off to trade around $1,835 per ounce. U.S. gold futures were up 0.9% at $1,842.80.