Photos of recent events: UBS betting on gold strength in 2023
The global gold demand has been on the rise. Analysts at Switzerland-based UBS Group AG predict buoyant demand for the precious metal for 2023. According to UBS' estimates, central banks bought 1,078 metric tons of bullion in 2022, the biggest amount purchased since 1950. UBS experts reckon that gold purchases will peak by the end of 2023, thus driving gold prices sharply up. High demand is commonly bullish for market quotes of any asset. The bank pinpoints three reasons to increase long positions on gold this year.