Last week, some Tier 1 Bank analysts were bold enough to predict that Gold will surpass the current trading price of $1000 during 2023.
Although it may seem a bit extreme and difficult to visualize, volatility has occurred recently. This is not unusual for a commodity that has been valued as a stable store of value over time.
This week has been no exception. While the Gold value against the US Dollar is still not at the $1785 per troy ounce it was at the beginning of November it has recovered from the sudden fall that occurred in mid-November, as the US Dollar has started to slip from its strong position that it had for most of the year.
Two weeks ago, gold had fallen to $1629 an ounce. This is a small decline, but it has continued climbing.
Today’s chart shows a notable upward trend. Gold is currently trading at $1812 an ounce, which is the highest price it has traded against the US Dollar since mid July.
Yesterday’s US trading session saw some sentiment suggesting that Gold prices might continue to fall.