In our gold price forecast for 2023, which we formulated in November last year, we showed that the gold price development in 2023 was viewed very differently by different analysts. The most important influencing factors were considered to be the high inflation rates in the U.S. and Europe, as well as the monetary policy with which the FED and the ECB meet these.

In June 2023, the question now arises as to how the gold price in 2023 currently actually behaves so far?

Gold price current: The development in the chart

The current gold price development can be read most beautifully in the gold price chart. Our gold chart shows the current spot price for gold in Euro and the gold price development over time per kilogram & ounce. The gold price in this chart is updated every second and reflects the price on the international gold market:

Since gold is traded internationally in US dollars, the exchange rate between the dollar and the euro always plays a role for buyers and sellers in Austria as well

Current prices around purchase and sale

Buying & selling prices for gold coins and bars at banks and gold dealers are based on this current gold price. Because, in addition to the material value, production and manufacturing costs, as well as melting and recycling costs must also be included in the prices ("premium"), the prices of specific coins, bars and scrap gold alloys always deviate somewhat from the general gold price when buying and selling gold.

2023: Inflation, interest rates & banking crisis

The beginning of 2022 was initially dominated by developments in inflation rates. The FED, ECB and other central banks reacted to the high inflation with continuous interest rate hikes. At the end of January, the gold price was quoted at USD 1,950, before a weak February pushed the price back down to USD 1,810.

But then the rising key interest rates of central banks began to cause banks to falter. In March it became known that several US banks (SVB, Signature,..) had problems with their liquidity and had to be rescued as a result. Then, when a major European bank, Credit Suisse, also had to be rescued, the price of gold exploded and rose above the $2,000 mark.

Fears of a new global banking and financial crisis once again caused investors to flee to the safe haven of gold. The question also arose as to whether central banks and governments would continue to fight inflation with interest rate hikes if at the same time the entire financial system was at risk?

After the price for the troy ounce finally climbed again to 2,050 dollars at the beginning of May, the price now fell back again and dropped below the magical 2,000 dollar mark. Currently, the gold price now seems to have settled at a relatively high level in the range of 1,950 dollars / 1,830 euros.

The question for the coming months or even years is likely to be whether central banks will be able to continue along the path of a more restrictive monetary policy and push the inflation rate to a level around 2% without triggering a massive recession or even destabilizing the financial markets (further).

All prices in buying and selling, including the rates for all coins and bars in detail, can be found on our price overview page.

Review: The gold price development 2022

In terms of the gold price, the year 2022 was already characterized by high inflation as well as the interest rate turnaround that the leading central banks carried out as a reaction.

Inflation in both the U.S. and the euro zone reached percentages not seen in decades, driving the price of gold up significantly.

The whole thing was fueled by the Russian war of aggression on Ukraine. At the end of February 2022, the war and subsequently the sanctions against Russia caused further escalation on the markets, which drove gold to new highs at the beginning of March. In U.S. dollars, the price of the troy ounce of gold jumped above the 2,000 dollars, in euros, the troy ounce was traded in the meantime 1,902.02 euros and thus reached a new all-time high.

Western sanctions and reactions (especially in the energy sector) to the war then not only create further uncertainty in the following months, but also further fuel the already high inflation.

Gold price development: With "hard" gold against inflation

Gold is an excellent way to hedge saved assets against a loss in value due to inflation. And this is because gold as a natural resource is limited and the available amount of gold is only increasing very slowly.

Although the precious metal also does not yield any interest, it is a very safe investment because it can never completely lose its value. Historically, one ounce of gold has always been worth a similar commodity value.

Since it can be assumed that with rising inflation the demand for security and thus gold will also increase, the gold price will also rise accordingly. Although the ECB and FED have completed the turnaround in interest rates and the change in monetary policy is now likely to last longer, inflation will probably accompany us for the next few months.

Gold will continue to be in strong demand as a "hard" currency for hedging assets, which is why the gold price should also develop positively in the coming months.

Strategy for people interested in gold

But what does this mean for people interested in gold? Depending on how much you enjoy gold, you should invest a good portion of your unneeded savings in precious metals. If possible, we recommend investing about 10 to 20 percent of total assets in precious metals.

If you want to buy gold as a security or for long-term asset accumulation, it makes sense to buy smaller amounts of gold at regular intervals. With this buying behavior you can - without having to constantly watch the gold price - optimally balance out price fluctuations.

A favorable variant to the gold acquisition is thereby the gold exchange - from old gold to investment gold. In this case, one takes advantage of the constant ratio of the old gold value to the gold price and thus converts unused (and usually also unknown in terms of value) old gold into an easily tradable form such as bars or coins.

If one goes after these upward trends, so the most favorable variant to investment gold to come, to sell its old jewelry and to set instead on an investment gold investment in coins or bars. You can find all prices on our website. This way you will not only profit from a high gold price when selling, but also from a future increase in value when buying gold.