Gold's 2023 outlook greatly hinges on where the global economy is headed, according to a report from the World Gold Council released on Thursday.
Gold is so far on track to post a loss for the year — and the precious metal’s performance in 2023 will greatly hinge on where the global economy is headed, according to a report from the World Gold Council released on Thursday.
Over the past year, central banks and, in particular, the Federal Reserve, have “worked to stifle inflation with repeated rate hikes,” said Juan Carlos Artigas, global head of research at the World Gold Council. As a result, the global economy is now at a “crossroads, with consensus pointing to a mild recession in 2023.”
That mild-recession scenario would likely see both headwinds and tailwinds for gold, including further weakening of the dollar as inflation recedes and geopolitical flare-ups, which could provide support for gold, and an economic slowdown, which may provide headwinds to the metal in the first quarter, it said.
A so-called “soft landing,” where business confidence is restored and spending rebounds, may post downside risks to gold, the World Gold Council said.
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