{"id":48383,"date":"2024-02-01T17:00:00","date_gmt":"2024-02-01T16:00:00","guid":{"rendered":"https:\/\/www.11onze.cat\/?p=48383"},"modified":"2024-02-01T17:05:31","modified_gmt":"2024-02-01T16:05:31","slug":"gold-prices-2023-record-year","status":"publish","type":"post","link":"https:\/\/www.11onze.cat\/en\/magazine\/gold-prices-2023-record-year\/","title":{"rendered":"Gold prices in 2023: a record year"},"content":{"rendered":"<div class=\"component text\">\n  <div class=\"container\">\n\n\n    <div class=\"row\">\n      <div class=\"col  col-lg-8  offset-lg-2\">\n        <h3><b>Driven by central bank buying and geopolitical tensions, gold reached a new high of $2,135.4 per ounce in 2023. With an annual return of 15% and an average price of 8% above the previous year, also a record.<\/b><\/h3>\n<h3><\/h3>\n<p><span style=\"font-weight: 400;\">Data from the annual report of the World Gold Council (<\/span><a href=\"https:\/\/www.gold.org\/goldhub\/research\/gold-demand-trends\/gold-demand-trends-full-year-2023\"><span style=\"font-weight: 400;\">WGC<\/span><\/a><span style=\"font-weight: 400;\">) show<\/span><b> that gold had a fantastic year in 2023<\/b><span style=\"font-weight: 400;\">. Especially in December when, thanks to the fall in value of the US dollar and the possible interest rate cut by the Federal Reserve, it reached a new record high of 2,135.4 dollars per ounce on 4 December.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It has also maintained an average price of 8% higher than during 2022, <\/span><b>achieving an annual return of 15%, well above other low-risk savings <\/b><span style=\"font-weight: 400;\">or investment options such as time deposits or Treasury bills. More importantly, more than offsetting Spain&#8217;s 3.1% headline and 3.7% core inflation in 2023.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although <\/span><b>central bank purchases of gold continued the 2022 trend at &#8220;a breakneck pace&#8221;<\/b><span style=\"font-weight: 400;\">, demand from this sector stood at 1,037.4 tonnes of net purchases in 2023, some 45 tonnes (4%) less than the record year of 2022, the WGC notes in its report.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Still, it should be noted that <\/span><b>more than half of the central banks&#8217; purchases were attributed to unknown buyers.<\/b><span style=\"font-weight: 400;\"> Unlike many central banks that report their gold purchases to the IMF every quarter, central banks in China, Russia and other countries buy and store gold without declaring it as reserves, thus <\/span><a href=\"https:\/\/www.11onze.cat\/en\/magazine\/why-doesnt-china-disclose-all-its-gold-reserves\/\"><span style=\"font-weight: 400;\">concealing<\/span><\/a><span style=\"font-weight: 400;\"> the true volume of purchases.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other hand, <\/span><b>Chinese households and investors have been buying gold to protect their savings when faced with the housing market <\/b><a href=\"https:\/\/www.11onze.cat\/en\/magazine\/china-real-estate-crisis-worsens\/\"><b>crisis<\/b><\/a><span style=\"font-weight: 400;\"> and the chaos in the local stock market sector, which has helped sustain record prices for this safe-haven asset. Ergo, it is not surprising that, according to the WGC report, China has emerged on the global stage as a key country in the rise of gold investment and jewellery flows in 2023.<\/span><\/p>\n<h3><\/h3>\n<h3><b>Geopolitical conflicts and trade tensions to sustain demand<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">WGC analysts see <\/span><b>total gold investment (including OTC) likely to increase during 2024<\/b><span style=\"font-weight: 400;\">, following the trend and market behaviour seen in 2023. Central banks are expected to continue buying gold &#8220;at an impressive pace&#8221;, probably above the pre-2022 annual average of around 500 tonnes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This forecast is in line with a Reuters <\/span><a href=\"https:\/\/www.reuters.com\/markets\/commodities\/gold-supported-2024-by-bets-monetary-policy-easing-mid-east-war-risks-2023-11-01\/\"><span style=\"font-weight: 400;\">survey<\/span><\/a><span style=\"font-weight: 400;\"> of 30 analysts and market participants, according to which<\/span><b> the price of gold will rise during 2024 from this year&#8217;s average<\/b><span style=\"font-weight: 400;\">. Specifically, they forecast an average of $1,986.5 per ounce in 2024, up from this year&#8217;s average of $1,925. This is based on the assumption that global central banks will begin to loosen monetary policy and the fact that tensions in the Middle East will continue to drive gold as a haven for investors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In conclusion, it seems that generally speaking, <\/span><b>the investment trend towards gold at the expense of fiat money will continue<\/b><span style=\"font-weight: 400;\">. Runaway public debt, especially in the Western world, and rising global geopolitical tensions, suggest that gold will continue to be the ultimate safe-haven asset when facing economic uncertainty.<\/span><\/p>\n<p><a href=\"https:\/\/www.11onze.cat\/en\/preciosos-11onze\/\"><b>Preciosos 11Onze<\/b><\/a><b> makes it easy to buy gold, at the best price and with total security. Protect yourself from economic crises with the ultimate safe-haven asset: gold. If you want your savings to keep or increase their value, <\/b><a href=\"https:\/\/www.11onze.cat\/en\/gold-patrimony\/\"><b>Gold Patrimony<\/b><\/a><b>.<\/b><\/p>\n\n      <\/div>\n    <\/div>\n  <\/div>\n<\/div>\n\n\n<div class=\"component cards\">\n  <div class=\"container\">\n    <div class=\"row\">\n      <div class=\"col col-xl-8 offset-xl-2\">\n        <h1>If you liked this news, we recommend:<\/h1>\n        <div class=\"cards__wrapper\">\n          <div class=\"card\">\n            <a href=\"https:\/\/www.11onze.cat\/en\/magazine\/why-doesnt-china-disclose-all-its-gold-reserves\/\" class=\"card-link\" target=\"_self\"><\/a>\n            <div class=\"card-img\">\n              <img decoding=\"async\" src=\"https:\/\/www.11onze.cat\/wp-content\/uploads\/2023\/10\/THUMBNAIL_XINA_NO_DECLARAR_OR-800x533.jpg\" class=\"card-img-top\" alt=\"\">\n                <span class=\"card-category\">Economy<\/span>\n            <\/div>\n            <div class=\"card-body\">\n              <p 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min read<\/span>\n              <p class=\"card-text small\">Although it experienced some fluctuations throughout&#8230;<\/p>\n            <\/div>\n          <\/div>\n\n\n          <div class=\"card\">\n            <a href=\"https:\/\/www.11onze.cat\/en\/magazine\/new-record-high-central-bank-gold-purchases-11onze\/\" class=\"card-link\" target=\"_self\"><\/a>\n            <div class=\"card-img\">\n              <img decoding=\"async\" src=\"https:\/\/www.11onze.cat\/wp-content\/uploads\/2023\/11\/THUMBNAIL_CompreOr-800x533.png\" class=\"card-img-top\" alt=\"\">\n                <span class=\"card-category\">Finances<\/span>\n            <\/div>\n            <div class=\"card-body\">\n              <p class=\"card-title p2\"><strong>New record high for central bank gold purchases<\/strong><\/p>\n              <span class=\"card-time\">3 min read<\/span>\n              <p class=\"card-text small\">The People\u2019s Bank of China is leading record gold&#8230;<\/p>\n            <\/div>\n  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