Gold Price Forecasts 2023

*Avg. Gold Price Predicted for 2023

$2,188 / oz

Current Gold Spot Price

$2,406.15 / oz

highest gold price icon

*Highest Gold Price Predicted in 2023

$4,000 / oz

lowest gold price icon

*Lowest Gold Price Predicted in 2023

$1,500 / oz

Last updated on February 1, 2024

*Average, highest, and lowest gold prices based on below predictions and forecasts.

Disclaimer: This is not investment advice. The information provided is for informational purposes only. No information, materials, services, or other content provided on this page is a solicitation, recommendation, endorsement, or any financial, investment, or other advice. Always seek independent consultation from a professional before making any investment.

On March 8th, 2022, the price of gold hit a new record high of $2,078 an ounce. This beat the previous high set in August 2020. With prices reaching two new record highs in less than twenty months, many investors are asking… will gold hit a new record high in 2023?

No one can say for sure, but to give you insights into where gold may be headed in 2023, we’ve collected gold price forecasts and predictions from big banks, industry leaders, and financial analysts. See their 2023 forecasts and predictions below.

UPDATED: Gold Price Predictions for 2024

We’ve compiled new predictions and outlooks for 2024. See where gold prices could be headed by reading: 2024 Gold Price Forecasts

Individual 2023 Gold Price Predictions & Forecasts

Financial Institution/Analyst Gold Price Predicted (Per. oz) Time Frame
Metals Focus $1,500 Q4 2023
Societe Generale $1,550 Q3 2023
TD Securities (Updated Aug 2023) $2,100 EOY 2023
World Bank $1,600 End of 2023
Credit Suisse $1,650 End of 2023
BMO Capital Markets $1,700 Q3 2023
Capital Economics $1,700 End of 2023
LBMA Conference Delegates $1,830.50 Q4 2023
JPMorgan $1,860 Q4 2023
RBC Capital Markets $1,890 Q4 2023
HSBC $1,905 2023 avg.
BCA (Updated Aug 2023) +$2,000 EOY 2023
ING $2,000 Q4 2023
Michael Widmer, Bank of America $2,000 Q3/Q4 2023
Avi Gilburt +$2,000 2023
ANZ Banking Group (updated June 2023) $2,100 EOY 2023
UBS Bank (updated May 2023) $2,100 End of 2023
Carley Garner $2,100 2023
Eric Strand +$2,100 2023
Goehring & Rozencwajg $2,100 2023
Paul Ciana, Bank of America +$2,100 Q2 2023
Gary S. Wagner $2,250 - $2,400 End of 2023
Standard Chartered $2,250 2023
Pierre Lassonde $2,200 to $2,400 Medium term
Edward Morse, Citi $2,400 EOY 2023
Deven Soni $2,400 to $2,500 2023
Saxo Bank $3,000 2023
Bloomberg Intelligence $3,000 2H 2023
Robert Kiyosaki $3,800 2023
Juerg Kiener $2,500 to $4,000 2023

Societe Generale


“The French Bank released its updated commodity forecast and analysts said that they see gold prices falling to $1,550 an ounce by the third quarter of 2023 as real interest rates remain elevated.”


Bart Melek, TD Securities


Bart Melek, head of commodity strategy at TD Securities, expects to see a mean reversion in the gold market as rising interest rates start to bite and activity slows. Melek predicts this will push gold to $2,100, a new all-time high, an ounce by year-end.




“Whilst we expect a pullback in prices in the short term, we see gold prices moving higher over 2H23, and expect spot gold to average US$2,000/oz over 4Q23,” said ING’s head of commodities strategy Warren Patterson.


LBMA Conference Delegates


“According to surveys during the London Bullion Market Association’s Global Precious Metals Conference, delegates see gold prices significantly higher by this time next year, reaching $1,830.50 an ounce, representing a nearly 12% gain from current prices.”


BMO Capital Markets

$1,700/oz (Q2 2023)

“$1,700 an ounce by the second quarter of 2023. The bank sees prices averaging around $1,680 an ounce between April and June next year.”


Pierre Lassonde, chairman emeritus of Franco-Nevada and CEO of Firelight Investments

$2,200 to $2,400/oz

“Medium-term, gold is headed towards $2,200 to $2,400 an ounce, Lassonde said. 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.”


Capital Economics


“We forecast [gold and silver] prices to rise from $1,630 and $18 per ounce today to $1,700 and $19.5 by end 2023.”




A sustained high demand from central banks to buy gold is one of the main reasons UBS thinks gold will rise to $2,100 per ounce by the end of 2023.


Gary S. Wagner

$2,250 - $2,400/oz

“I’m looking for gold to hit $2,250 to a high of maybe $2,400,” he predicted. “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.”


Metals Focus


“In their 2023 price forecast, analysts at the British research firm Metals Focus said that they expect average gold prices to drop 10% next year, bottoming in the fourth quarter at a 4-year low of around $1,500 an ounce.”


Michael Widmer, commodity strategist for Bank of America

$2,000/oz (H2 2023)

“The bank sees gold prices averaging $2,000 an ounce in the third and fourth quarters of next year.”


Royal Bank of Canada Capital Markets

$1,890/oz (Q4 2023)

“RBC is looking for gold to average $1,890 an ounce in the fourth quarter of next year,” said Christopher Launey RBC Capital Markets commodity strategist. “The bank also has high and low scenarios, which see gold at $2,138 an ounce or at $1,667 an ounce in the fourth quarter of next year, respectively.”


Eric Strand, Portfolio manager and creator of the ESGO ETF


“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,” – Eric Strand, portfolio manager and creator of the European-listed AuAG ESG Gold Mining exchange-traded fund (LSE: ESGO)


Avi Gilburt, founder of


“Back in August of 2020, we hit the top of the third wave. From then, until we hit the low back in early November of this year, we basically had a two-year consolidation in a fourth wave. We are now preparing to rocket higher in a fifth wave.”




“Gold’s appeal as a safe haven and store of value will become apparent as fiscal dominance overtakes monetary dominance at the Fed. An emergence of fiscal dominance also would redound to the detriment of the USD, and governments’ and investors’ willingness to hold it. This risk of USD debasement also will support gold demand,” Commodity Analysts at BCA Research.


Robert Kiyosaki


“I became a gold bug in 1972. I was a Marine pilot in Vietnam flying behind enemy lines hoping to buy gold at a discount because the mine was in enemy hands. Found out the price of gold is the same all over the world. I predict silver going to $75 and gold to $3800 in 2023.”


Credit Suisse


“Credit Suisse has retained its more bearish stance and projected a 2023 year-end price of $1,650/oz, citing a higher real rate environment.”




“JPMorgan last week forecast gold to average $1,860/oz in the fourth quarter of this year. The Wall Street giant expects the Fed to hit pause, with a fall in U.S. real yields driving a bullish outlook for gold and silver prices over the latter half of 2023.”


Carley Garner


“Carley Garner, co-founder of the brokerage firm DeCarley Trading, said that she is looking for gold to eventually break through to all-time highs above $2,100 an ounce this year.”


Paul Ciana, technical strategist for Bank of America


“The daily chart of gold prices shows a bullish continuation pattern called a pennant (a small triangle). It was confirmed on the April 4, 2023, rally above $2,000/oz. Technical theory suggests this pattern forms mid-trend and so the next leg of the uptrend has begun with upside to 2078, 2118 and possibly 2195 in 2023,” Ciana said in his report.


Deven Soni, CEO of Matador Gold Technologies

$2,400/oz to $2,500/oz

“Personally, I see a 20 to 25% increase in 2023, so let’s call it $2400, $2500, somewhere in there.”


ANZ Banking Group


“We believe the recent decline in the gold price will encourage fresh buying, which is likely to be supported by lean speculative positioning. We keep our year-end gold price target unchanged near $2,100/oz.”


Edward Morse, head of commodity research at Citi


Morse sees gold prices rallying to $2,400 an ounce by the end of the year. “Our probability on that is fairly high. We remain bullish on gold. But we have to remind investors that this is a choppy road, and they need patience,” he said in an interview with CNBC international affiliate in India.


Goehring & Rozencwajg


“Goehring & Rozencwajg is bullish on gold for the rest of this year, projecting a break through $2,100.”


Bloomberg Intelligence


“Central-bank accumulation and the potential for a global economic slowdown, on the back of the most aggressive rate-hike period ever, may set the stage for gold to move toward $3,000 an ounce.”


Juerg Kiener


“Gold prices could surge to $4,000 per ounce in 2023 as interest rate hikes and recession fears keep markets volatile, said Juerg Kiener, managing director and chief investment officer of Swiss Asia Capital.”




James Steel, HSBC Chief Precious Metals Analyst, forecasts an average gold price at $1,905 an ounce for 2023.


Top Factors Predicted to Push Gold Prices Up in 2023

factors for gold price going up

According to the pricing experts, industry leaders, financial analysts, and big banks, there are numerous factors that could push gold prices higher in 2023. These include:

  • Fed slows rate hikes
  • Global Recession
  • Cryptocurrency demand decline
  • Continued Central Bank gold buying
  • Inflation or Stagflation
  • US Dollar weakening
  • $80t non-bank debt bubble
  • Geopolitical tensions
Once the Federal Reserve stops raising interest rates, there should be a good market for gold.
–Michael Widmer, commodity strategist for Bank of America[1]
Gold appears poised to be a top commodity performer in 2023 if the world enters a recession.
–Mike McGlone, Bloomberg Intelligence senior macro strategist[2]

Suggested reading: How These 10 Factors Regularly Influence Gold Prices

Top Factors Predicted to Push Gold Prices Down in 2023

factors for gold price going down

There are also reasons to believe that gold prices could fall in 2023, such as elevated interest rates and geopolitical unrest.

  • Fed rate hikes continue
  • Weak investment demand

According to the World Bank’s latest commodity price forecast, “as interest rate hikes are likely to continue well into next year, gold prices are projected to fall by 4 percent in 2023.”

Gold Price Prediction FAQs

There’s no way of knowing exactly what will happen to gold prices in 2023 and beyond. However, these financial institutions and analysts are in the business of tracking trends and using historical data to serve as the foundation of their predictions.

Here are several questions you can answer to better understand these gold price forecasts and what to expect in the new year.

Some analysts and big banks are predicting prices to rise in 2023, while others expect the market to continue its downward trend. Rising inflation and less aggressive rate hikes will have the biggest impact on whether gold prices go up in 2023.

If history is any indicator, gold prices will continue to rise beyond 2023. However, it’s impossible to know what will happen between now and then, so it’s best to make investment decisions based on the here and now.

With gold prices suppressed, now is one of the best opportunities in recent history to buy gold. If you don’t get it now, you could end up paying more if prices rise — as many analysts expect — in 2023.

The most time-efficient and cost-effective way to buy gold is online. For example, at Scottsdale Bullion & Coin you can compare spot prices, learn more about gold investing, and place an order without ever leaving home.