Tuesday, February 7, 2023

Experts expect a new all-time high for the price of gold

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Experts expect a new all-time high for the price of gold

The Ukraine war sent the price of gold to new highs this year. According to the forecast of the world’s largest gold trader, prices are likely to be exceeded again next year. The Swiss gold hub also benefits from this.

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The price of gold is likely to reach new heights in 2023.

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Sarah FrattaroliDeputy Head of Economics

“It was a wild ride,” says Henrik Marx (37) about the price development of gold, silver and other precious metals in recent months. Marx is Head of Precious Metals Trading at Heraeus, the world’s largest precious metals dealer based in Hanau, Germany. And indeed, when the Ukraine war broke out in February, the price of 1 kg of gold skyrocketed to almost 60,000 francs.

When the central banks around the world – especially in the USA – started to tighten interest rates in the summer in the fight against runaway inflation, the price of gold fell sharply again. With rising interest rates, it is becoming more attractive to invest assets in a fixed-term account instead of storing gold bars in the bank vault.

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