Gold is on the rise in 2023 and in the first week of the new year alone, the precious metal has jumped 2.36% against the U.S. dollar. Over the past 65 days, gold has soared 14.55% while silver has skyrocketed 22.31% against the greenback since Nov. 3, 2022. According to the head of metals strategy at MKS Pamp Group, there is a “decent amount of bullish ‘pent-up’ demand that has been carried over from last year” for gold.
Central Bank Demand and Ongoing Geopolitical Tensions Continue to Drive Gold’s Ascent
The insistence for gold has continued to rise according to market prices during the past seven days. Gold jumped from $1,823 per troy ounce to $1,866 in that time frame. While gold is up 2.36% against the U.S. dollar, a troy ounce of fine silver is down roughly 0.58% since the start of the year.
Over the past two months, both gold and silver have risen a great deal, with gold jumping 14.55% and silver increasing 22.31% against the greenback. With precious metals on the rise,
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