Bull market expectation in gold in 2023

This year, the Fed's aggressive tightening policy and the rise in the dollar are putting pressure on gold prices, while there is a sharp increase expected in the precious metal for next year. Swiss Asia Capital General Manager Juerg Kiener shared his estimate that gold prices will rise to $4,000 per ounce in a market that will fluctuate with interest rate hikes and recession concerns next year. The expert, who stated that there is a high probability of a major upward move in the gold market, predicted that the precious metal will not see a 10 or 20 percent increase next year, but rather higher levels and will reach between $2,500 and $4,000. Kiener, who stated that many countries will face a recession in the first quarter of next year, said that Central Banks will slow down the rate of interest rate hikes, which will make gold more attractive. Kiener stated that the only asset that every Central Bank holds is gold. Kiener, who stated that the annual average return of gold has been between 8 and 10 percent since the early 2000s, said, "This increase has not been seen in the bond market or the stock market." According to a report by the World Gold Council, central banks collected about 400 tonnes of the precious metal in the third quarter, more than four times the amount of gold from the previous year. Gold prices rallied on Tuesday after the US dollar fell and the Bank of Japan adjusted its yield curve control. Prices rose 1% to rise above the critical $1,800 level. Today, the price per ounce is up 0.1% to around $1,817. Nikhil Kamath, Co-Founder of Indian financial services company Zerodha, said investors can keep 10% to 20% of gold in their portfolios and that gold is a good hedge against inflation. There are also opposing views Kenny Polcati, Senior Market Strategist at Slatestone Wealth, disagreed with the view that prices will double despite the strong demand for gold. The strategist, who stated that he expects a slight pullback in prices, said, "How inflation responds to interest rate hikes globally will determine prices. Gold should be included in portfolios, it may perform better, but I do not have a target of $4,000."