Lingering recession fears could lead to a spike in gold prices in 2023. This is one of the predictions for the price of gold for 2023 from Swiss Asia Capital. Other precious metals and financial experts believe there could be record high prices for gold in the near future. Whether they’re interested in buying or selling gold bars or gold coins, Scottsdale precious metals collectors can benefit from taking a look at some of the other predictions for gold prices during the next year.

Inflation Concerns

Several sources believe inflation concerns will encourage new gold buyers to enter the market during the first quarter of 2023. All those new buyers can certainly have an impact on price by affecting supply. 

Unfortunately, there’s not an unlimited supply of gold. Whenever there’s a major influx of new buyers, gold prices tend to go up. In this case, there are the added concerns about inflation that could make existing gold owners anxious. As a result, there could be even more gold buying that affects supply, demand, and prices.

Disagreements about Gold Price Spikes

Some financial experts believe gold prices could more than double during the first half of 2023, largely due to inflation concerns. However, other experts disagree. One expert from Slatestone Wealth believes gold prices will be dependent on how various countries respond to inflation. In other words, you’ll want to keep an eye on interest rate hikes.

Central Banks Stocking Up on Gold

The World Gold Council recently reported that central banks increased their orders for gold during the third quarter of 2022. It’s believed this move was made due to inflation concerns. This means there will be more gold in circulation, which is good for the supply-and-demand problem. However, more gold equals more buying, which, in turn, could affect gold prices.

China’s Buying Habits

China is a large buyer of gold. This habit of purchasing a lot of gold can have a big impact on gold prices during a time when there are significant inflation concerns. The impact on gold prices will depend on what China opts to purchase in 2023. Historically, though, it’s been significant.

Preparing for Gold Prices in 2023

There’s still some uncertainty about how much of an impact inflation and the other factors we discussed will have on gold prices in 2023. If you have gold you want to sell in 2023, you’ll definitely be happy. On the other hand, if you wish to buy gold in 2023, you’ll need to be a bit more cautious.

What you can do to prepare is talk to a financial adviser or precious metals expert, especially if you have an existing portfolio. The best thing to do, in general, is keep an eye on gold prices so you can make well-informed purchasing decisions and monitor your buying and selling habits. An investment professional can also help you put together a buying and selling plan for the year, which can be adjusted as necessary when circumstances change with either your personal finances or gold prices. 

When they’re looking to sell or buy gold, Scottsdale residents should work with trustworthy precious metal dealers who offer high-quality service and have years of experience. Call on the industry-leading professionals at First National Bullion when you’re ready to invest in gold bullion, coins, or bars. Give us a call today at (480) 546-5089.

The statements made in this blog are opinions, and past performance is not indicative of future returns. Precious metals, like all investments, carry risk. Precious metals and coins may appreciate, depreciate, or stay the same in cash value depending on a variety of factors. First National Bullion does not guarantee, and its website and employees make no representation, that any metals for sale will appreciate sufficiently to earn the customers a profit. The decision to buy, sell, or borrow precious metals and which precious metals to purchase, borrow, or sell are made at the customer’s sole discretion.