Summary
Gold and silver prices have surged this year, marking the highest annual increase since 1979. Gold hit a record high before slightly decreasing, while silver also reached a new high. Various economic and geopolitical factors, including expected interest rate cuts and central bank gold purchases, contributed to these price changes.
Key Facts
- Gold prices increased by over 60% in 2023, hitting a record high of more than $4,549 an ounce.
- By the end of the year, gold's price had dropped to around $4,350 an ounce.
- Silver reached an all-time high of $83.62 an ounce before settling at around $74.
- Rising prices were partly due to expectations of U.S. interest rate cuts in 2026.
- Central banks added hundreds of tons of gold to their reserves this year.
- China's restrictions on silver exports affected global supply, impacting prices.
- Exchange-traded funds (ETFs) saw significant investments in precious metals.
- Silver price hikes were also due to supply issues and industrial demand.
