Gold and silver prices seen rising this year, analyst survey says (NYSEARCA:GLD)

Gold and silver prices are expected to rise in 2023 by 3.3% and 8.8% on average, respectively, by the end of the year compared with 2022, the London Bullion Market Association said Wednesday in its annual survey.

Of the factors potentially driving prices higher, 43% surveyed said the U.S. dollar and Federal Reserve monetary policy would be most important, while 14% said inflation and 11% cited geopolitical factors.

For gold, the analysts surveyed forecast an average price for 2023 of $1,859.90/oz, although the range was wide, between $1,594 and $2,025; the average price for gold in 2022 was $1,800.09/oz.

For silver, the analysts expected prices this year averaging $23.65/oz, with a range of $17.50-$27.00; the average price for silver in 2022 was $21.73/oz.

The analysts surveyed saw platinum prices rising by 12.5% this year to $1,080.40/oz while palladium prices are forecast to drop 14% to an average $1,809.80/oz.

ETFs: (NYSEARCA:GLD), (GDX), (GDXJ), (IAU), (NUGT), (PHYS), (NYSEARCA:SLV), (PSLV), (SIVR), (SIL), (SILJ), (SLVP), (PPLT), (PLTM), (PGM), (PALL), (SPPP)

A new report from the World Gold Council said demand for gold in 2022 reached its highest level more than a decade.