view ChartGold Price Forecast 2023 and Beyond
Below are the projected low, average, and high gold prices for 2023. To put physical gold in a retirement account click here or call the Certified Gold Exchange at 800-300-0715.
| 2023 Low: $1,600 | 2023 Average: $2,382 | 2023 High: $5,000 |
The next graph shows the gold pricing forecast for 2023 from 52 of the world’s best analysts, banks, precious metals dealers and mining firms.
| Swiss Asia Capital | $4,000 | US Global Investors | $4,000 |
| London Bullion Market Association | $1,830 | Citibank | $1,900 |
| Robert Kiyosaki | $3,800 | ING | $1,850 |
| Bank of America | $2,100 | Elliot Wave Trader | $2,100 |
| Rich Retirement Letter | $3,000 | Fitch Solutions | $2,075 |
| Certified Gold Exchange | $2,475 | Crescat Capital | $2,300 – $2,500 |
| JP Morgan | $1,860 | Royal Bank of Canada | $1,890 |
| Keith Neumeyer, CEO First Majestic Silver | $3,000 | Wheaton Precious Metals | $2,500 |
| Degussa | $2,200 | Gold Silver Pros | $2,400 |
| Canadian Imperial Bank of Commerce | $1,800 | The Gold Forecast | $2,400 |
| Peter Krauth, author of “The Great Silver Bull” | $5,000 | Morgan Stanley | $2,200 |
| Saxo Bank | $3,000 | Asset Strategies International | $3,500 |
| World Bank | $1,600 | ANZ Research | $2,000 |
| Credit Suisse | $1,650 | Commerzbank | $1,950 |
| Reuters | $1,852 | BMO Capital Markets | $1,700 |
| Standard Chartered Bank | $2,250 | MKS Pamp | $2,200 |
| UBS Bank | $1,900 | Fitch | $1,950 |
| Matador Gold Technologies | $2,500 | ESGO ETF | $2,100 |
| BCA | $1,900 | Heraeus Precious Metals | $1,620 – $1,920 |
| CMC Markets | $2,600 | DeCarley Trading | $2,100 |
Below are longer-term forecasts beyond 2023. They generally show pricing predictions for 5 through 10 years into the future. Further down the page we have also included commentary for 2023 projections and beyond. For questions on how to purchase precious metals with volume discounts contact us at 800-300-0715.
| Wells Fargo | $3,000 in the next few years | Bloomberg Intelligence | $7,000 in the current cycle |
| McEwen Mining | $5,000 by 2027 | Michael Oliver, Momentum Structural Analysis | $8,000 – $10,000 in the current cycle |
| Pierre Lassonde, Chairman Franco-Nevada | $2,200 – $10,000 in the next 5 years | Nicoya Research | $2,700 – $6,000 in the current cycle |
| Goldman Sachs | $2,500 in the current cycle | Société Générale | $1,550 – $1,900 by 2024 |
| Investing Haven | $2,000 – $3,000 several years out | Matterhorn Asset Management | $10,000 in the current cycle |
| Jim Rickards | $10,000 in the current cycle | Goehring & Rozencwajg | $10,000 by the end of the decade |
Wells Fargo – $3,000
John La Forge, head of real asset strategy for Wells Fargo believes gold is in a super cycle.
“The shortest super cycle on record is nine years. We are only in year three. We have at least another six years to go,” he stated.
La Forge said, “Your worst case in a super cycle is for gold to double. At the beginning of this new super cycle, gold was at $1,500. So, based on past cycles, you’re probably looking at $3,000 at a minimum.”
Swiss Asia Capital – $4,000
Chief investment officer, Juerg Kiener, believes gold prices could jump to $4,000 an ounce by years end because of interest rate hikes and recession fears.
“Since the 2000’s, the average return on gold in any currency is somewhere between 8% and 10% a year. You haven’t achieved that in the bond market. You have not achieved that in the equity market. Gold is a very good inflation hedge, a great catch during stagflation and a great add onto a portfolio,” he says.
London Bullion Market Association – $1,830
According to surveys during the LBMA precious metal conference, delegates believed gold prices would reach $1,830 in 2023.
In commentary, Kitco stated “Although analysts see higher precious metal prices in the next 12 months, comments made during the conference noted that it will be difficult for the market to attract any bullish interest in the near term as the Federal Reserve pushes the Fed Funds rate higher.”
Because historically the gold price moves contrary to the dollar index. And a stronger dollar makes gold less attractive, possibly lowering prices.
Robert Kiyosaki – $3,800
Famed author of the best selling financial book, Rich Dad Poor Dad, posted the following on his Twitter “I predict silver going to $75 and gold to $3,800 in 2023.”
He also believes another financial crisis is imminent. “I believe economy is the biggest bubble in world history. God have mercy on us all,” he tweeted.
“I’m not buying gold because I like gold, I’m buying gold because I don’t trust the Fed,” he said in 2022.
Bank of America – $2,100
In a recent report, technical strategist Paul Ciana, cited golds breakout above $2,000 as possible evidence of the start of a 2 year bull market.
His initial gold price target is north of $2,100.
McEwen Mining – $5,000
Executive Chairman, Rob McEwen, a multi decade veteran of the mining industry has a gold price forecast of $5,000 by 2027.
He sees the gold price rising as Western governments debase their currencies and inflation remains high.
He goes on “They steal from their citizens by printing excess money and borrowing in ways they shouldn’t. Look at the amount of the debt most of the Western world has right now, it’s enormous.”
When asked about the best way to buy gold, he mentioned bullion for more conservative investors that would like possession of their metal. ETF’s for pure price exposure. And gold stocks for those open to riskier speculations.
Certified Gold Exchange $2,475
CEO John Halloran feels that the gold price will peak at $2,475 in the third quarter and stabilize for the remainder of 2023.
He states, “If inflation remains high because the Fed reverses course with interest rate hikes, gold’s price will exceed it’s previous record high. A weaker dollar makes gold more attractive and investors tend to prefer save haven assets in inflationary cycles.”
Halloran believes another financial crisis is imminent. “The US economy is on it’s last leg. You can’t print your way to prosperity,” he says.
“I feel it’s just a matter of time before geopolitical tensions boil over that could possibly lead to another World War. I sure hope I’m wrong though.”
He’s also mentioned that according to the World Gold Council, central banks added record amounts of the yellow metal to their gold reserves in 2022 as an indication that the price of gold could continue higher.
“Buy gold and silver and keep it out of the financial system. It’s been money for thousands of years for a reason,” he says.
JP Morgan – $1,860
Greg Shearer, head of base and precious metal strategy, sees gold prices averaging $1,860 in the 4th quarter.
He believes the Fed will pause interest rate hikes which will be bullish for gold prices. And that, “A harder-than-expected economic landing in the U.S.” will increase investment demand for safe haven assets causing gold prices to rise.
Keith Neumeyer, CEO First Majestic Silver – $3,000
Neumeyer mentions central banks adding record amounts to their gold holdings last year as one reason for his positive outlook for the gold price.
In January 2023, central banks added another 174 tonnes to their gold reserves. In February, another 52 tonnes.
China was the largest net purchaser of gold in February. They’ve increased their holdings the last 4 months, adding 102 tonnes.
Regarding central bank purchases the World Gold Council said, “This is the strongest start to a year back to at least 2010.”
Neumeyer also believes countries will continue to move away from using the US dollar. He thinks the BRICS countries may launch their own commodity backed reserve currency which would have a tremendous impact on gold demand driving prices higher.
Update: “Creating a new form of currency will be presented at the BRICS upcoming summit in South Africa.”
Degussa – $2,200
Thorsten Polleit, chief economist at Degussa, Germany’s largest, oldest, most respected precious metal company sees gold prices peaking at $2,200 in 2023.
He remains “significantly bullish on gold as inflation remains a threat to consumers and the global economy.”
He noted that since the end of 2019, the US money supply was inflated by 40%. He continued, “Central banks have a lot of liquidity they need to take back and it’s going to be painful.”
“If you are wondering if the current gold price is a good buy, I would say that in the long-term, gold is still cheap given the current conditions,” he said.
Pierre Lassonde, Chairman Franco-Nevada $2,200 – $10,000
Mining legend Pierre Lassonde, has gold price predictions between $2,200 and $2,400 in the medium term.
He thinks, “We are seeing the same pressure today on inflation as we saw back in the 1970s. From 1976 to 1981, you had inflation going up every year, we had interest rates going up every year, you had the dollar going up every year, and you had gold going up every year. That’s what we’re going to see for the next four years.”
“Long-term, over the next five years, the Dow to gold ratio could converge to 2:1, should the Dow Jones contract by 20%-30%. This would imply a $10,000 gold price,” he said.
Canadian Imperial Bank of Commerce – $1,800
According to their analysts, uncertainty in financial markets will support the gold price in 2023 but the Feds stance on interest rate hikes could have a suppressing effect on the price of gold throughout the year.
Peter Krauth, author of “The Great Silver Bull” – $5,000
Krauths gold price prediction in the next few years is $5,000. He goes on to say, “I’m not the only one who thinks that gold will go to $5,000 or even perhaps $10,000 in a speculative mania.”
He continued, “The odds of gold reaching $5,000 are based on the rise in inflation and the growth in the money supply. And the odds are that inflation will be significantly higher than what we’ve been experiencing over the past 10 to 15 years.”
Saxo Bank – $3,000
Ole Hansen, head of commodity strategy, cites uncertainty in the global economy, macroeconomic and geopolitical factors as a cause for gold prices to hit $3,000 in 2023.
Hansen believes the Federal Reserve will end it’s tightening cycle, and with the global economy facing a recession they’ll pump liquidity into the markets which will push gold prices higher.
World Bank – $1,600
In October of 2022, analysts at the World Bank expected falling gold demand due to the Feds monetary policy. They felt gold prices would decline to $1,600 in 2023.
They said, “The increase in interest rates and appreciation of the U.S. dollar outweighed concerns about rising inflation and geopolitical risks.”
They mentioned investment demand by gold investors as being insufficient to offset the “monetary headwinds” caused by the Fed.
Goldman Sachs – $2,500
Jeff Currie, head of commodities research, has previously called for the gold price to hit $2,500.
In light of the state of the global economy he recently stated, “You cannot come up with a more bullish concoction for commodities.”
Many countries are moving away from using the US dollar in international trade. Brazil, China, Russia, Iran and even Saudi Arabia are all currently in the process.
Investing Haven – $2,000
Analysts at Investing Haven have a gold price prediction of $2,000 in the near term and $3,000 several years out.
They cite the US dollar losing value, rising inflation and bond yields as catalysts for their rising gold price predictions.
Credit Suisse – $1,650
In January, the investment bank bearishly forecasted the price of gold to be $1,650 by years end because of higher interests.
Reuters – $1,852
Reuters took a poll of 38 analysts and traders and received gold price forecasts ranging from $1,825 in the first half of this year to $1,840 in the second and $1,852.50 for the full year.
They predict that the gold price will average $1,890 in 2024.
Jim Rickards – $10,000
The best selling financial author make a strong case for $10,000 gold prices.
He arrives at that number by analyzing several different scenarios where the global monetary system is returned to some form of the gold standard. “It’s just a question of price,” he mentions.
“When I say that number, it is not pulled out of thin air, it is actually the implied non deflationary price of gold to have any kind of gold standard,” he explained.
Rickards encourages investors to buy gold and hold it outside of the financial system to safeguard their wealth.
Standard Chartered Bank – $2,250
Global head of research, Eric Robertsen, believes increased volatility in domestic and global markets could help gold reclaim it’s safe haven asset status in 2023.
He thinks the gold price could jump to $2,250 as equities resume a downward trend.
UBS Bank – $1,900
Precious metal expert, Joni Teves, sees gold prices pushing to $1,900 by years end.
She feels the biggest factor to drive gold’s price up by double digits in 2023 is a shift in US monetary policy.
UBS expects the Fed to not only end it’s tightening cycle but to reverse course and cut rates by the end of the year.
Teves also notes that historically, for every 1 percent cut in rates, the price of gold has increased by 19%.
“We think gold should benefit and therefore holding a long gold position would offer an attractive risk-reward as the tightening cycle ends,” said Teves.
Matador Gold Technologies – $2,500
CEO, Deven Soni, believes we’ll see a $2,500 gold price in 2023 as significant inflation and a weak stock market will increase investment demand for precious metals.
“Most people that pay attention think that 2023 is going to be a pretty good year for gold and precious metals.” he said.
BCA – $1,900
BCA analysts price forecast for the gold price in 2023 is a conservative $1,900 although they expect rising inflation, global economic uncertainty and a peak in the Federal Reserve’s monetary policy.
Regarding 2023 they stated, “The evolution of gold prices next year will hinge on Fed monetary policy and its impact on the US dollar trajectory. Given a backdrop of elevated uncertainty next year and a dovish Fed, which will weaken the US dollar, safe-haven demand for gold will rise.”
CMC Markets – $2,600
Analyst Tina Teng, has a minimum price forecast of $2,500 and a maximum price forecast of $2,600 in 2023 for the yellow metal.
“A sooner Fed pivot on rate hikes will likely cause another gold price surge due to a potential further decline in the U.S. dollar and bond yields,” said Teng.
US Global Investors – $4,000
CEO Frank Holmes “is extremely bullish on gold as an asset class” and has a gold price forecast of $4,000 in 2023.
“They can’t raise interest rates much more this quarter without having a very tragic global recession. And I think that there’s still going to be negative real interest rates,” Holmes said.
Citibank – $1,900
Citibank analysts forecast gold prices to reach $1,900 per ounce in the second half of 2023. They feel increased investment demand in a week global economy will contribute to a gold price rise.
ING – $1,850
In a 2022 year end report titled, “Gold to rebound as Fed easing starts”, ING calls for the gold price to reach $1,850 by the 4th quarter of 2023.
“Any hints from the Fed of an easing in its aggressive hiking cycle should start to provide support to prices,” it mentioned.
The report also states that due to geopolitical tensions, economic uncertainty, and high inflation, central banks are turning to gold as a safe haven asset increasing demand.
Elliott Wave Trader – $2,100
Founder, Avi Gilburt, said “gold and silver are getting ready to rise after a two-year consolidation period.”
Fitch Solutions – $2,075
Fitch revised their 2023 outlook for gold prices to $2,075 amid recent bank collapses.
“Banking turmoil has triggered a rush to safety among investors fearing recession while market expectations for continued and aggressive rate hikes by the US Fed have now collapsed,” they stated.
Bloomberg Intelligence – $7,000
Commodity strategist Mike McGlone thinks the price of gold could be headed to $7,000.
“For me I can’t see how we’re not going to get to such levels if we simply follow the trend that’s been in place since the year 2000,” McGlone said.
He also mentions future weakness in the US dollar as being a “catapult for gold”.
Michael Oliver, Momentum Structural Analysis – $8,000 – $10,000
Technical analyst Olivers’ price forecast for gold is between $8,000 – $10,000 this cycle.
He notes how the price of gold increased by roughly 800% in each of the previous bull markets from 1970 – 1975, 1976 – 1980 and 1999, 2011.
Using the gold price of $1,050 from 2015 when it bottomed out, Oliver believes another 8 fold increase in the yellow metal is likely.
He also thinks this bull market will happen a lot quicker than previous ones due to the state of the global economy.
Crescat Capital – $2,300 – $2,500
Portfolio Manager and Partner at the firm, Tavi Costa, said “It wouldn’t surprise me at all if gold was at $2,300 to $2,500” in 2023.
He cites reckless fiscal policies, coming double digit inflation and a recession as potential catalysts for gold prices to rise higher.
“When I look at the Nasdaq already down 30% it doesn’t make me less bearish necessarily (on stocks)… it make me extremely bullish on gold right now,” he said.
Royal Bank of Canada – $1,890
Commodity strategist, Christoper Louney, has a gold price prediction of $1,890 after the third quarter of this year.
They feel a more lively gold rally will begin once the Fed reverses course on interest rate hikes.
“Our economics/rates strategy team currently sees the Fed’s final hike in March, which will likely bring choppiness, but we do think that begins to loosen the weight on gold currently,” Louney said.
Nicoya Research – $2,700 – $6,000
Nicoyas’ gold price predictions are $2,700 for 2023 and $4,500 for 2024.
Their price forecast is supported by supply and demand fundamentals and central banks buying record amounts of the precious metal.
They state that gold has established a new bullish trend and we can expect gold prices to exceed $6,000 in the current cycle.
Wheaton Precious Metals – $2,500
CEO Randy Smallwood has a gold forecast of $2,500 in 2023. He said, “Continued central bank buying of gold bodes well for long-term prices.”
“This marked a banner year for central bank buying: 2022 was not only the thirteenth consecutive year of net purchases, but also the second highest level of annual demand on record back to 1950″, they confirmed.
Gold Silver Pros – $2,400
Founder, Robert Kientz, has a gold price prediction of $2,300 to $2,400 per ounce in 2023.
He thinks “this recession is going to be a deep one”. He mentions that both Bank of America and Goldman Sachs have stated we’re going to have rolling waves of recession and big challenges in stock and bond markets as further evidence that the smart money is preparing for what’s to come.
Société Générale – $1,550 – $1,900
In September of 2022, the French Bank saw gold prices falling to $1,550 by the third quarter of 2023 as real interest rates remain elevated.
After the third quarter of 2023, they expected golds fortunes to reverse and gold prices to grind higher to $1,650 and ultimately $1,900 by the end of 2024.
More recently they’ve come out and said, “Continue rebalancing away from the USD. Gold will be a powerful protection against a falling USD.”
And “2023 will be the year of several pivots, and overall, we expect higher returns than in 2022.”
The Gold Forecast – $2,400
Founder, Gary Wagner, has gold price predictions from “$2,250 to a high of maybe $2,400” in 2023.
“I definitely believe it’s going to breach $2,000 without any question by the second quarter. I’m looking for new all-time highs next year,” he said.
Wagner mentions when the government “prints money to pay for more spending, that inflation could “spiral out of control” causing an exodus to safe haven assets like gold.
Morgan Stanley – $2,200
Analyst Amy Sargeant, says the firm is optimistic about higher gold prices in 2023.
They expect the yellow metal to range between $1,990 and $2,200 because of US dollar weakness and falling treasury appeal.
Matterhorn Asset Management – $10,000
Founder, Egon von Greyerz, cites two major threats that could send gold skyrocketing higher.
A potential nuclear conflict with Russia because of Ukraine and unsustainable amounts of global debt. He said, “Global debt has grown from 4 trillion in 1971, to over 300 trillion today. It’s growing exponentially.”
He mentions how gold is only .5 percent of all financial assets today, but will increase to 1 or 2% which will mean a massive rise in gold prices.
“Gold is not an investment,” he says, “It’s just the only money that’s survived in history.”
Asset Strategies International – $3,500
President and co-founder Rich Checkan, thinks at some point the Fed will abandon their rate hikes and then inflation will take over again and gold prices will shine.
He stated, “As long as we keep increasing the money supply, then the gold price in that fiat currency is going to increase over time.”
When asked why investors should buy gold right now, Checkan responded, “It’s cheap.”
ING – $2,000
The Dutch Bank believes gold prices could reach $2,000 in the fourth quarter of this year “as speculators increase their exposure and the Federal Reserve cuts rates.”
Their gold price prediction assumes no further deterioration in the banking sector and that the Fed will start to cut rates.
“Fed policy is likely to be key for gold over the medium term. The Fed is likely approaching a peak in the Fed funds rate, and we could see a pivot over the second half of this year,” they mention.
Commerzbank – $1,950
Head of commodity research, Thu Lan Nguyen, said golds path forward will be determined by the banking crisis and it’s impact on the Federal Reserve’s monetary policy.
“If further bankruptcies follow or if the market increasingly prices in the risk of contagion effects, interest rate expectations could fall further and the gold price could, in turn, receive further tailwind as a result,” she said.
Nguyen said that Commerzbank does expect the Federal Reserve to cut interest rates by years end which would be positive for the precious metal.
BMO Capital Markets – $1,700
Analysts at the Canadian bank see the gold price breaching $2,000 amid investors flocking towards the safe haven asset to protect themselves from the banking crisis.
They see the gold market peaking in the third quarter with the gold price averaging $1,906 by years end.
“We have revised up our gold and silver forecasts, on broader uncertainty and financial instability, which has seen interest rate expectations pulled down, and against a backdrop of robust physical demand,” analysts said in recent a report.
MKS Pamp – $2,200
Nicky Shiels, head of metals strategy at the precious metal firm, has a gold forecast of $2,200.
“Overall, the Fed will have to choose between higher inflation or a recession, and either outcome is bullish for gold,” she mentioned.
Fitch – $1,950
Fitch Solutions revised its 2023 price forecast for gold to $1,950 per ounce from $1,850 previously as the “banking turmoil has triggered a rush to safety among investors fearing recession, while market expectations for aggressive rate hikes by the US Federal Reserve have now collapsed.”
Goehring & Rozencwajg – $10,000
Managing partner Leigh Goehring, said that high inflation and the Fed reversing course on raising rates is the perfect “combo to trigger a massive rally in gold.”
“I think that Powell will have to give up on raising rates just like he did in October of 2018. And once he gives it up, the great bull market in gold starts,” Goehring pointed out.
Goehring’s long term price forecasts of gold are $10,000 by the end of the decade.
ESGO ETF – $2,100
Creator and portfolio manager Eric Strand, has a gold price forecast of $2,100 in 2023.
“We anticipate a new all-time high for gold during 2023 and the start of a new secular bull market when the price goes over $2,100 USD per troy ounce. It is our opinion that central banks will pivot on their rate hikes and become dovish during 2023, which will ignite an explosive move for gold for years to come,” he said.
Heraeus Precious Metals – $1,620 – $1,920
Heraeus, the worlds largest recycler and trader of precious metals believes gold prices will range from $1,620 – $1,920 in 2023.
Their analysts feel that the price of gold will be heavily dependent on the outlook of the US dollar. They also believe the Federal Reserve’s monetary policy will change course at some point which would be positive for the gold price.
DeCarley Trading – $2,100
Carley Garner, co-founder of the brokerage firm, sees the price of gold breaking through to all time highs above $2,100 sometime this year.
She added that the next major resistance point would be $2,600 but that the gold price isn’t hitting record highs over night.
ANZ Research – $2,000
ANZ analysts increased their gold price forecast from $1,900 to $2,000 due to belief the Fed will stop hiking rates and a weaker US dollar.
Their gold price prediction for 2024 is $2,075 by years end.
It’s important to note that gold price predictions are speculative in nature. Please do not construe the above information as investment advice. We recommend that you do not make any investment decisions based solely on third-party gold price forecasts.
If you want to buy gold we invite you to conduct your own due diligence. For further details on the gold market, please reach out to the Certified Gold Exchange or request a free copy of our 2023 Precious Metals Investors’ Guides below.
DeCarley Trading – $2,100
Carley Garner, co-founder of the brokerage firm, sees the price of gold breaking through to all time highs above $2,100 sometime this year.
She added that the next major resistance point would be $2,600 but that the gold price isn’t hitting record highs over night.
ANZ Research – $2,000
ANZ analysts increased their gold price forecast from $1,900 to $2,000 due to belief the Fed will stop hiking rates and a weaker US dollar.
Their gold price prediction for 2024 is $2,075 by years end.
It’s important to note that gold price predictions are speculative in nature. Please do not construe the above information as investment advice. We recommend that you do not make any investment decisions based solely on third-party gold price forecasts.
If you want to buy gold we invite you to conduct your own due diligence. For further details on the silver market, please reach out to the Certified Gold Exchange or request a free copy of our 2023 Investors’ Guides below.
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