15 February 2023

Gold Price Prediction for March (2023)


Gold prices resemble a roller coaster ride, featuring peaks of record highs and deep valleys of sharp declines.

As we navigate through 2023, understanding the multifaceted forces that shape the gold market is crucial for both seasoned investors and those new to the precious metals scene.

Major Factors that influence the price of Gold → 

     1. Supply And Demand

March 2023 gold price prediction chart analysis.

Supply and Demand Dynamics

Demand and supply dynamics directly determine gold prices. Prices escalate when demand exceeds supply, while an oversupply with weak demand reduces them

Impact of Chinese Economic Growth:
According to, Chinese economic growth improvements might boost consumer demand for gold in 2023, potentially pushing prices upward.

     2. The Role of Inflation

Impact of Federal Reserve decisions on March 2023 gold prices.

Inflation—a steady increase in prices—erodes the value of fiat money.

But fear not! Minor inflation signals a thriving economy. During inflation cycles, gold often becomes a refuge for savvy investors and the public, driving its price higher.

That’s why during inflationary times, the demand for this precious metal spikes, driving its price higher and higher. 

Currently, inflation is high but is expected to start coming down in 2023 according to Art Hogan, managing director and chief market strategist at B. Riley Financial. 

If inflation does fall, then it could decrease the price of Gold by mid-year. However, for March, prices are expected to hold. 

     3. Uncertainty

March 2023 gold price trend analysis.

Investors have a love-hate relationship with uncertainty. While they appreciate stability, they understand that sometimes risks are necessary to secure their financial future. 

Investors often flock to safer options like gold during economic uncertainties.

For centuries, gold has served as a reliable refuge amidst turmoil and political instability, maintaining its value and providing security.

The uncertainty of market fluctuations can be unsettling, but it’s important to remember that in a recession, demand for gold often increases as other assets such as stocks, bonds, and real estate tend to decline.

So, next time the winds of uncertainty start to blow, consider the timeless appeal of gold as a hedge against economic turbulence. Whether it’s war, political instability, or any other disruptive force, gold has a proven track record of weathering the storm.

If Turkey and Syria go to war or an uptick in terrorist incidents is seen, we can expect gold prices to rise in 2023. 

We believe for March though, gold prices should hold. 

     4. Currency Movements

Gold bars representing potential price increase in March 2023.

Gold and the US dollar share an inverse relationship. As the dollar strengthens against other currencies, gold prices in dollars generally fall.

This is because gold becomes more expensive in other currencies and a higher price can lead to a reduction in demand. Similarly, the value of gold is commonly expressed as US dollars per ounce, making it susceptible to fluctuations in the value of the dollar. 

A rising dollar will lead to a fall in the dollar price of gold and vice versa. However, the dollar is expected to weaken in 2023 and the trend could start as early as March. This would directly result in the price of gold increasing. 

     5. Investment Demand

Graph showing economic factors affecting gold prices in March 2023.

Remember that gold investing comes in many forms. One of the most common gold investment vehicles is exchange-traded funds (ETFs) that function just like trusts. 

ETFs are traded on an exchange, just like you would trade stocks. However, ETFs aren’t only represented by private entities, but mining companies can also own and trade ETFs. It should be noted that demand for ETFs fluctuates as well. 

Gold reserves in ETFs also impact demand and can cause significant price movements. ETFs are relatively common, especially in America and the market is believed to be still growing.

According to Nasdaq’s report, gold ETFs can stage a comeback in 2023 which will increase the overall demand for gold thus potentially increasing Gold’s price. We may start to see its impact as early as March. 

     6. Global Jewelry And Industrial Demand

Glimmering with possibility, gold remains one of the most sought-after commodities in the world, and its price is heavily influenced by the demand for jewelry and its industrial applications. 

Countries like the US, India, and China drive gold purchases and prices up with their high demand.

The demand for gold in the jewelry industry, coupled with its use in electronics and other high-tech gadgets, creates a dual demand that keeps prices constantly fluctuating.

According to ICRA, the global jewelry and industrial demand is expected to have registered a healthy growth of 60% in Q2 FY2023 compared to pre-Covid levels (Q2 FY2020)

March Price Prediction

A multitude of factors such as global events, economic conditions, and currency fluctuations influence gold prices.

Signs point to a slight increase in gold prices for March.

Therefore, investing now could be an ideal time for you to add gold in your portfolio and hedge against potential market volatility. 

It’s also important to note that no prediction is ever foolproof which is why it’s essential to stay informed and track the latest developments in the market yourself. 

Keeping informed enables you to make timely decisions that support your investment goals. 

Ultimately, whether you’re a seasoned investor or just starting out, gold has and will remain a valuable and timeless asset that can play a crucial role in your investment strategy just like it does for these six famous billionaires. Cheers!

Keep reading: The All-weather Portfolio strategy and how you can learn from it!

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