Gold posted a disappointing performance this year, moving from a high of just over $2,050 in March to a low of $1,617 in early-November. Economists at TD Securities expect the yellow metal to move below $1,600 in the coming months.

Gold to post a sustainable rally above $1,800 in the latter part of 2023

“Notwithstanding the recent rally, a continued sharp increase in US real and nominal rates along the short end of the curve is projected to drive Gold toward $1,575 in Q1-2023. “

“The yellow metal may well start to trend up toward $1,800+ after Q1, as it becomes clear that the Fed is approaching the end of its tightening cycle and the market starts to look toward cuts on the horizon.”