Postpone your gold shopping to next year: Prices to get much lower by mid-2023

Postpone your gold shopping to next year: Prices to get much lower by mid-2023

Dubai: If you were debating whether to postpone your purchases by a couple of months from now, it would be cost effective to do so as costs are expected to soar to much higher than it is currently by the end of 2023 and beyond. "While we expect significant price volatility going forward, we expect gold prices to remain elevated in the coming years compared to pre-pandemic levels," analysts at Fitch Solutions Country Risk and Industry Research wrote in its recent report. But how will prices move in the starting months of 2023? While the analysts at the UK-based market researcher expect prices to ease very minimally in the longer term beyond 2022-2023, inflation, which is set to ease during the first half of next year, will later soften demand for gold as a hedge and limit the yellow metal’s price gains. Gold prices rose substantially in the past three weeks. Last week, the yellow metal even managed to shine above the $1,800 (Dh6,611) per ounce level, reaching its highest in four months. This trend is expected to continue in the weeks running up to the year’s end. “We believe prices are likely to head higher towards $1,850 (Dh6,794) per