January: We began the year with gold prices at $1,839.01 per troy ounce. The market was optimistic, and this was reflected in the steady rise in prices throughout the month.

February: The upward trend continued in February, with gold futures reaching $2,028.25. The market remained bullish, spurred by global economic uncertainty.

March – April: Over these two months, gold’s price climbed further, recording a 9% increase by the end of April. This was largely due to safe-haven demand amid geopolitical tensions.

May – June: By the end of June, prices had moderated a bit but were still up around 4% year to date. This period saw a consolidation phase in the gold market.

July – September: During these summer months, prices fluctuated but showed a general upward trend. By October 27, gold had risen to $1,980.20, marking a 7.68% increase from the start of the year.

October: October saw a slight dip in prices, with gold hitting as low as $1,826.20 per troy ounce at one point. However, this marked a six-month low, and prices began to rebound later in the month.

November: November was a turning point, with gold prices starting to climb again. This rise was mainly driven by stronger investor confidence and growing safe-haven demand.

December: Gold hit new highs in December, with prices soaring 15% to reach $2,078/oz. The metal finished the year at $2,062.40 per troy ounce, gaining 13% for the year after hitting a record close of $2,081.90.

In conclusion, 2023 was a year of both challenges and opportunities for gold investors. Analysts anticipate gold prices to strengthen further in 2024, underpinned by safe-haven demand and the evolving outlook for US interest rates. As always, it’s essential to stay informed and make investment decisions based on careful analysis.

The post Gold Price Watch 2023 Review appeared first on Money Management Intelligence.