A Canadian bank has advised that the gold price is expected to turn into favourable winds by the second quarter of 2023 while the U.S. interest rate and the dollar American banks will peak at the start of the year, according to a Canadian bank.

BMO Capital Markets analysts said in the latest gold market report that they expect gold prices to remain stable over the coming years months and rise to above $1,700 per ounce by the second quarter of 2023. Average prices around $1,680 have been forecasted by the bank, one ounce between April and June of the year 2023.

For Rory Townsend, partner at the Canadian Bank and author of the latest gold report, “What's interesting for us here is that we expect gold prices remain fundamentally well supported, even until 2026. We have our average gold price at $1,600 per ounce, so we really don't expect a strong retracement of prices compared to where we are today.”