• Gold could be worth more in euros than ever before

The price of gold could rise to a record high in euro terms next year, according to Heraeus Precious Metals, the world’s largest recycler and trader of precious metals. “In times of the ongoing Ukraine war, high inflation and growing recession concerns, gold remains in the focus of many investors,” said Henrik Marx, Head of Trading – Heraeus Precious Metals, at the presentation of the company’s annual precious metals forecast.

The price of gold will strongly depend on the development of the dollar. The Heraeus experts assume that the US Federal Reserve will slightly change its monetary policy in the course of 2023. After all, inflation is likely to continue to decline and a weakening US economy will become the focus of the monetary guardians. Should the Federal Reserve keep interest rates stable or even lower them, this could support the gold price. A record high for gold in euro terms is quite possible if the gold price reacts disproportionately positively to these signals compared to the dollar. Gold marked its previous high in March 2022 at around 1,870 euros per troy ounce. Traded in the US currency, Heraeus sees a range of 1,620 to 1,920 dollars per troy ounce.