Increased demand for jewellery in mainland China and Malaysia will cause gold to soar above $2,000 in 2023.
KUALA LUMPUR, MALAYSIA – Media OutReach – 21 March 2023 – 2022 was a tough year for gold, but in the last three months of 2022 the situation changed radically: net short position in gold was on the low side; banks began to buy gold into foreign exchange reserves; the U.S. economy began to signal a slowdown in inflation, which in turn contributed to a softening of the Fed’s rhetoric. As a result, gold gained bullish momentum and added 13% by the end of the year.