Juerg Kiener, managing director of Singapore-based investment bank Swiss Asia Capital, shared his predictions for gold prices in 2023. Speaking to CNBC, Kiener said that if the global recession continues, the gold price could rise towards the level of $ 2,500-4,000/ounce in 2023.
Kiener stated that many countries are expected to enter recession in the first quarter of 2023, which will support the gold price by slowing the interest rate hikes of central banks. Emphasizing that if interest rate hikes slow down, they estimate that the gold price could reach somewhere in the range of 2500 – 4000 USD/ounce within the next year, Kiener said:
“There is a good chance to see a big move in the gold market. This will not only be an increase of 10 or 20 percent. It will be a movement where new peaks are seen.” Kiener stated that many economies may face “some recession” in the first quarter, which may cause many central banks to slow down interest rate hikes and make gold more attractive.