Gold prices highest in 6 months

Gold prices rose to their highest level in 6 months. Analysts are predicting a further rally in gold prices this year.

Gold prices were the highest in 6 months. In London, it rose to $1,850 per ounce. U.S. gold futures also rose 1% to trade at $1844.10 per ounce.

Prices have been steadily rising since November last year. Amid fears of a recession, volatility in the financial market increased, and demand for gold from central banks around the world increased.

Thanks to the downturn and equity market valuation risks, experts expect  prices to generally rise in 2023.

Gold could rise on the prospect that central bank interest rates will eventually peak but inflation will not return below 3% by the end of the year and the dollar will fall.

There were record gold purchases last year as some central banks declared de-dollarization, and this trend continues this year and can support the market.

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