Gold price powers to 9-mo. high on safe-haven demand, bullish charts

Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.

(Kitco News) - Gold prices are modestly higher and scored a nine-month high in early U.S. trading Friday, amid a solidly bullish technical posture and some mild safe-haven demand. The yellow metal bulls are at least quietly starting to discuss a new record high. The present all-time peak in Comex gold futures is $2,078.80 per ounce, scored in March of 2022. February gold was last up $6.50 at $1,930.60 and March silver was up $0.225 at $24.10.

Global stock markets were mostly up overnight. U.S. stock indexes are pointed toward slightly firmer openings when the New York day session begins. Trader and investor risk appetite is not as robust as that seen the first half of January. That's prompting just a bit of safe-haven buying in gold and silver.