Gold prices have surged in October, marking the first monthly rise in three months. The precious metal has gained about 7.5% during the month, reflecting the increasing geopolitical tensions in the Middle East, reported Al-Rai Daily.
However, despite these gains, gold is struggling to surpass the significant psychological level of $2,000 per ounce. The gold price outlook for 2023 remains uncertain, as the metal reached a record high in the first half of the year and then experienced a significant retreat.
Each attempt to push the price above $2,050 per ounce has been met with a sharp sell-off and subsequent deep correction. With a record high already achieved, investors are now questioning whether gold prices will fall in the coming days or continue to rise.
The current position of gold is considered risky, and there is a risk of prices falling below $1,900 per ounce due to the strength of the US dollar. As a result, trading price forecasts vary widely among analysts and strategists, who have differing perspectives on the influencing factors.