Reuters Note

Analysts and traders have significantly raised their predictions for gold prices but expect high interest rates to keep a lid on rallies, a Reuters poll showed on Tuesday.

The poll of 38 analysts and traders returned median forecasts for gold to average $1,825 an ounce in the first quarter of this year, $1,840 in the second, $1,852.50 in the full year and $1,890 in 2024.

Three months ago, a Reuters poll predicted prices would average $1,712.50 in 2023. In 2022, gold averaged $1,801.93.