1、Gold Mid-Year Outlook 2023 Between a soft and a hard place Gold Mid-Year Outlook 2023|Between a soft and a hard place 01 About the World Gold Council Were the global experts on gold.Leveraging our broad knowledge and experience,we work to improve understanding of the gold market and underscore golds

2、 value to individuals,investors,and the world at large.Collaboration is the cornerstone of our approach.Were an association whose members are the worlds most forward-thinking gold mining companies.Combining the insights of our members and other industry partners,we seek to unlock golds evolving role

3、 as a catalyst for advancements that meet societal needs.We develop standards,expand access to gold,and tackle barriers to adoption to stimulate demand and support a vibrant and sustainable future for the gold market.From our offices in Beijing,London,Mumbai,New York,Shanghai,and Singapore,we delive

4、r positive impact worldwide.For more information Research:Jeremy De Pessemier,CFA jeremy.depessemiergold.org +44 20 7826 4789 Johan Palmberg johan.palmberggold.org+44 20 7826 4786 Krishan Gopaul krishan.gopaulgold.org+44 20 7826 4704 Juan Carlos Artigas Global Head of Research juancarlos.artigasgold

5、.org+1 212 317 3826 Louise Street louise.streetgold.org+44 20 7826 4765 Ray Jia ray.jiagold.org+86 21 2226 1107 Market Strategy:Joseph Cavatoni Market Strategist,North America joseph.cavatonigold.org+1 212 317 3844 John Reade Market Strategist,EMEA and Asia john.readegold.org+44 20 7826 4760 Content

6、s Between a soft and a hard place 2 Gold in the top tier 2 End of tightening in sight 3 Upside with risks 4 Asymmetrical benefits 4 In sum 5 Gold Mid-Year Outlook 2023|Between a soft and a hard place 02 Gold in the top tier In the first half of the year,gold increased by 5.4%in USD closing June at U