Gold price history for 2023.

Month	Highest in $	Lowest in $	% var.
Gold price January 2023	1.949,80	1.829,90	+5.66%

The gold price forecast for 2023 is uncertain, with several driving factors to consider, including the strength of the US dollar, inflation and interest rates, and geopolitical concerns. The dollar has been strong in 2022, resulting in a lower gold price, but if interest rates slow growth, this could help bring the dollar back down, boosting the gold price. Inflation has remained high throughout 2022, and central banks have hiked rates to try and bring inflation down, but with limited impact so far. Geopolitical concerns, particularly the conflict in Ukraine, have also impacted the gold price. As for gold price predictions, various analysts and forecasters have made different predictions, with gold currently ranging from $1,648.67 to $2,039.05 per ounce.

According to Juerg Kiener, managing director and chief investment officer of Swiss Asia Capital, gold prices could surge to $4,000 an ounce in 2023 as recession fears persist. Kiener explained that many economies could face “a little bit of a recession” in the first quarter, which would lead to many central banks slowing their pace of interest rate hikes and make gold instantly more attractive. Gold is also the only asset which every central bank owns, Kiener said. Despite strong demand for gold, Kenny Polcari, senior market strategist at Slatestone Wealth, disagreed that prices could more than double next year, stating that he does not have a $4,000 price target on it. According to Nikhil Kamath, co-founder of India’s largest brokerage Zerodha, investors should allocate 10% to 20% of their portfolio to gold, adding that it’s a “relevant strategy” going into 2023.