Gold prices could rise to $4,000 an ounce in 2023 as higher interest rates and recession fears make markets volatile, Swiss Asia Capital managing director and chief investment officer Juerg Kiener, managing director and chief investment officer of Swiss Asia Capital. told CNBC Street Signs Asia.

He said the price of the precious metal could be between $2,500 and $4,000 next year. There's a good chance there will be a major move in the gold market, he said.

Kiener explained that many economies could face "a little bit of a recession" in the first quarter, which would lead to many central banks slowing their pace of interest rate hikes and make gold instantly more attractive.

Central banks bought 400 tons of gold in the third quarter, nearly double the previous record of 241 tons during the same period in 2018, according to the World Gold Council.

Since the 2000s, the average return on gold in any currency has been between 8% and 10% a year. You haven't achieved that in the bond market. You haven't achieved that in the stock market, he added.

Kiener also said investors will pay attention to gold as inflation remains high in many parts of the world.

Source news.am

BDST: 1935 HRS, Dec 25, 2022
MSK