2023 Gold Market Outlook
Gold price dipped to a 2-week low of $1985 on May 18, 2023, influenced by strong US economic data and Fed policy comments. Meanwhile, ongoing US debt ceiling talks aim to prevent a default by June 1.
The gold market in 2023 has seen its fair share of fluctuations, with prices recently slipping from a two-week high, trading at $1993.20 as of 6:00 PM EDT on the most active June contract1. The market is reacting to a variety of factors, including US economic data, Federal Reserve policy, and negotiations over the US debt ceiling.
Key Market Drivers
US Economic Data
Strong US economic data, including robust retail sales, industrial output, and housing-market activity, has been a significant driver of gold prices in 2023. Strong economic data tends to boost the US dollar, which can put pressure on gold prices as it makes gold more expensive for holders of other currencies.