© Reuters. This Expert Sees Gold Breaking $2,000 Level By End Of 2023 — Here’s Why
Benzinga – On CNBC, Wayne Gordon of UBS Global Wealth Management said gold is expected to break the $2,000 level by the end of 2023.
The U.S. dollar is showing signs of weakness now, and gold will continue to be a “very good hedge” against the weakness in the greenback.
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Gordon stated that the US Federal Reserve is going to pause after its next interest rate increase. Then the U.S. central bank will stop and have a look at the impact of the hikes on U.S. consumers.
Inflation numbers for the U.S. came broadly in-line with expectations, and will continue to come off through this year, he added.
Price Action: Shares of SPDR Gold Trust (NYSE: GLD) gained 0.1% to 172.61 on Tuesday.
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