Gold March 2023

Source: Glosema
Pages: 3

Since the beginning of the year the price of gold rose by 5.72% in January 2023, reaching 1928 $/oz. The yield of gold in dollars in January 2023 was nearly the highest compared to other currencies against the backdrop of the declining U.S. dollar exchange rate. The dollar spot index remains weak during Q1 2023, which is reflected in a 7.61% increase in the gold price in March relative to February, reaching 1,965 $/oz. Demand for the precious metal in 2022 was a record high, and a similar trend is expected in 2023. In 2022, the high demand for gold was evidence of the protective function of the asset in the face of falling markets. In Russia, the popularity of gold as an investment has increased in part due to the abolition of VAT on bullion, as well as permission to buy gold for foreign currency. In 2022 authorities relieved citizens from paying 13% personal income tax when selling gold to banks for two years. Thus, this year it is expected at least to maintain last year’s demand.

$1/ 90с


Open chat
Need help?
Scan the code
Hello 👋
Can we help you?

Mark Silaev
Glosema Account Manager