Gold prices have surged over the past two months with expectations that the US Federal Reserve will slow its interest rate rises. We have increased our 2023 price outlook slightly based on the faster-than-expected pivot in US interest rate policy and the return of Chinese demand after Beijing’s U-turn on its zero-Covid strategy. Gold gains on softer dollar: Gold prices fell sharply last year after hitting a record high of above $2,000/oz in March as US dollar strength and central bank tightening weighed heavily on the precious metal. Higher interest rates make gold, which provides no returns, less attractive. ... (full story)