Gold gained almost 9 per cent in 2023

As has been the case every year since 2017, the precious metal once again rose significantly in price. The price of gold increased from €55.08 at the beginning of 2023 to €59.90 on the last trading day of the year. Many analysts had not expected such performance, as the European Central Bank's resolute interest rate policy and the declining inflation rate in the eurozone made a weakening of the gold price more likely.

Gold has gained an average of 9 per cent p.a. since 2018

The forecasts for 2023 published by commodities experts in December 2022 were consistently below the price achieved by the precious metal. While the analysts' estimates for the dollar price per ounce ranged between $1550 and $1900 for the end of 2023, the actual price was significantly higher at $2063. Another reason why experts had not expected gold to perform so well last year was that the precious metal had already gained an average of 9 per cent p.a. in the previous five years - from 2018 to 2022 - in response to high inflation rates, geopolitical crises and the global pandemic.

The price of gold has increased sixfold since the euro was introduced

Gold has often performed well since the introduction of the euro, even outside times of crisis.: Since the introduction of the currency at the beginning of 2002, the price of gold in the eurozone has risen sixfold from €9.91 to €59.90 at the end of 2023. In the 22 years of the euro, the precious metal has been higher at the end of a year 18 times, and lower only four times - in 2004, 2013, 2015 and 2017. Regarding 2024, most analysts are more optimistic about gold than they were for 2023. This is because of the looming turnaround in interest rate policy at many central banks and the geopolitical crises which intensified in the last quarter of 2023 and have yet to be resolved.