

2023 Precious Metals Forecast Survey
Keisuke Okui
Sumitomo Corp
Take a look at the analysts' individual forecasts and commentary, revealing their insights behind their forecasts for highs, lows, and average prices for gold, silver, platinum and palladium.
— Analyst's average forecast
— Current price
Range
$1,700 - $2,150
Average
$1,905
Price of gold is expected to gradually rise in 2023 with a support of further purchases from official sectors. As the world is not too much convinced of the stability of the US dollar, non-Western central banks may continue to purchase more gold. Also, gold can be considered a safer asset compared to crypt currencies following the chapter 11 of crypto exchange FTX. Many of the market participants have already factored in the upside of US dollar interest rates for 2023, which is also supportive. There seems to be limited reasons to push gold lower, such as a tapering from the Fed or a sharp further rise in price index which leads to the higher interest rates.
Top three drivers for the gold price in 2023: US dollar interest rate, trust in the US dollar, Chinese/Indian/Russian central banks’ purchases.
— Current price
Range
$20 - $30
Average
$25.10
— Current price
Range
$850 - $1,350
Average
$1,155
— Current price
Range
$1,400 - $2,800
Average
$2,055