

2023 Precious Metals Forecast Survey
Nicky Shiels
MKS PAMP SA
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
— Average price 2023
Range
$1,600 - $2,100
Average
$1,880
Our macro view is to play for a slower Fed and rising stagflation and recession risks, which will ensure both peak US dollar and peak real US yields. Inflation will fall, but not to target, and the recoveries will be uneven and will ultimately disappoint. That set-up has already ensured that gold pivoted from trading defensively for most of 2022, to trading offensively where dips are actively capitalised on, establishing a new technical bull trend after the Fed ended its 75bp hiking regime in November 2022.
Strong physical demand, renewed central bank purchases and very strong retail coin/bar demand created a robust foundation in the low $1,600s. We have an average price forecast of $1,880/oz with upside risks given a very under-owned investor community and structural bullish drivers (de-globalisation, faster de-dollarisation/re-commoditisation, unsustainable US and global debt paths, and potential pending sovereign crises), which usually emerge after an aggressive Fed hiking cycle. Gold has been down (on a hawkish Fed fighting inflation), but it is not out with an upward trajectory from here on.
Top three drivers for the gold price in 2023: Fed hikes, inflation, pace of Central Bank purchases
— Analyst's average forecast
— Average price 2023
Range
$18 - $28
Average
$22.50
— Analyst's average forecast
— Average price 2023
Range
$850 - $1,350
Average
$1,100
— Analyst's average forecast
— Average price 2023
Range
$1,500 - $2,500
Average
$1,800