The London Bullion Market Association (LBMA) has released its 2023 Annual Precious Metals Forecast Survey, with analysts predicting growth for gold and silver in the year ahead.
In the survey, 30 market experts give their individual predictions and commentary, with forecasts for the average price and the highest and lowest prices for gold, silver, platinum and palladium. The predictions reflect cautious optimism about gold and silver, with analysts expecting prices to increase, on average, by 3.3% and 8.8% respectively by the end of the calendar year.
As ever, analysts were also asked to identify their top three drivers for the gold price in the coming year. The main driver listed, at 43%, was the US dollar and the Federal Reserve’s monetary policy, whilst second was inflation (14%) and third was geopolitical events (11%) – a factor not deemed significant in last year’s survey.
The analysts’ average forecast for the price of gold in 2023 is $1,859.90, with the highest price predicted to be $2,025. The average silver forecast is $23.65, with a highest predicted price of $27, and for platinum the predictions are $1,080.40 and $1,241 respectively.
