Why investors are disappointed in gold and what to expect in 2023

Today, gold prices are under pressure due to the rapid strengthening of the US DOLLAR and the tightening of monetary policy by the world's central banks. By the end of December, gold is losing 1.24% this year, although in early November the losses were about 10% compared to the level of the beginning of the year. At the same time, the prospects for the next couple of years look quite optimistic.

This year, central banks have increased gold reserves, and purchases are the highest since 1967. In times of economic and geopolitical uncertainty, as well as high inflation, banks continue to turn to gold as a store of value. Apparently, this factor did not allow gold prices to fall sharply in 2022, even against the backdrop of the strongest growth in rates and yields on government bonds in recent years.