World Gold Council's Mid-Year Report: Gold Maintains Resiliency in H1
On July 6, 2023, the World Gold Council (WGC) released its 2023 Mid-Year Outlook, revealing that a “strong first half for gold is likely to give way to a more neutral H2.”
On July 6, 2023, the World Gold Council (WGC) released its 2023 Mid-Year Outlook, revealing that a “strong first half for gold is likely to give way to a more neutral H2.” According to WGC researchers and market strategists, central banks are “nearing the end of their tightening cycles,” and the market consensus indicates “a mild contraction in the U.S. in late 2023.”
At press time, the price of an ounce of .999 fine gold hovers just above the $1,900 range, specifically at $1,924 per unit. Over the past 30 days, this precious metal has maintained a relatively stable position, while the first half (H1) statistics indicate a 5.4% increase against the U.S. dollar. Over the past five years, gold is up 53% against the greenback.
The World Gold Council (WGC) emphasizes in its latest 2023 Mid-year Outlook report that it anticipates “gold to remain supported on the back of rangebound bond yields and a weaker dollar.” The report further highlights that if economic conditions worsen, gold will experience heightened demand. “Conversely, a soft landing or much tighter monetary policy could result in disinvestment,” the report explains.
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