The price of gold has reached a six-month high of just under $1,850 U.S. per ounce as investors pile into the safe haven asset.
In European trading, U.S. gold futures rose 0.72% and were trading at $1,839.40 U.S. per ounce.
Gold prices have been steadily rising since early November as stock market volatility, growing fears of a global recession, and the implosion of cryptocurrencies has strengthened demand for the precious metal.
Many analysts are forecasting that gold prices will continue to rise in the coming months and could hit new all-time highs in 2023.
Much of the 2023 outlook for global markets is based on expectations that central banks will ease their aggressive interest rate hikes amid slowing economic growth.
Analyst forecasts for gold prices in 2023 range from $2,100 U.S. an ounce to as much as $4,000 U.S. per ounce.
Many analysts expect central banks to continue adding to their gold reserves in the year ahead, which could further elevate prices.
