Heading into this year, the yellow metal continues to sparkle. Along with the last four consecutive 75 basis point hikes delivered by the US Federal Reserve, 2023 has seen hopes of monetary easing which have revived investors’ interest in gold. This, coupled with the banking crisis looming over the US economy, has spurred investors seeking a safe haven to snap up the precious metal.
The yellow metal is soaring to record highs with favourable market dynamics. Experts foresee further upside potential.
Coming off from a high of over US$2,000 ($2,689) per ounce last recorded in February last year, gold eventually tumbled to US$1,616 per ounce in November. This was on the back of global commodity shortages, heightened inflation, aggressive monetary tightening, as well as enhanced appeal of the US dollar.
