Gold Price Was Down By 2.1% In May - Galt&Taggart
In May 2023, gold price was down 2.1% m/m. Gold is deemed to be a safe-haven asset during periods of uncertainty and high inflation, - according to the report published Galt&Taggart.
According to the document, the demand for it has been increasing amid US/European banking crisis in 2023, which contributed to the price rally in recent months, reaching USD 2,000 per troy ounce in April 23.
Due to the inverse relationship with interest rates and, therefore, USD, the outlook for gold price is positive for 2023 because of expected pause of Fed rate hikes. Average annual price of gold is expected at USD 1,900.0/troy ounce in 2023 (+5.5% y/y) and at $1,750.0/troy ounce (-7.9% y/y) in 2024, according to World Bank.