Gold Outlook

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Expert gold market insights

Our quarterly gold outlook is published in our Quarterly Metals Report, which covers base, precious and ferrous metals. The impact of supply and demand fundamentals and macroeconomic implications for gold is analysed. Our research team produce gold price range forecasts as part of the report.


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Gold Outlook – Q1 2023

Gold prices have rallied in recent months, as yields started to fall in line with inflation and growth expectations. In our opinion, inflation will be upwardly sticky as higher rates will keep fixed costs high, with rents, mortgages, and business rates remaining high. The bout of redundancies we are starting to see increases the probability of stagflation, despite strong NFPs. The decline in yields will give rise to gold, and while investors are starting to price in rate cuts too soon, this trend will benefit gold and potentially stocks depending on their balance sheet and margins. The rally in the dollar has hinted at the fragility of the recent gains, we expect this theme to continue but are favourable to gold in 2023. Especially if central banks continue to purchase at their current rate and consumer demand rises in India and China...

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