Gold bounced back above the $1,800 per ounce mark, closing in on its highest level since July, as concerns about a global recession and inflation becoming even more entrenched boosted demand for the precious metal. At the same time, uncertainty about the Fed’s interest path and mounting evidence that the US is heading for a recession in 2023 sent the dollar sharply lower, making gold the preferred safe-haven asset. While this current environment could push prices even higher, growing speculation about an earlier pivot from the Federal Reserve in case of a sharp economic downturn could drive gold to retest its all-time high of $2,075 touched in August 2020.
