Juerg Kiener, managing director and chief investment officer of Swiss Asia Capital, estimates that gold prices could rise to $4,000 per ounce in 2023. And for good reason, interest rate hikes and fears of recession are maintaining market volatility.

Kiener told CNBC's “Street Signs Asia” on Wednesday, December 21, 2022 that the price of the precious metal could reach between 2,500 and 4,000 dollars next year. According to him, there is a good chance that the gold market will experience a major movement. For him, “it will not only be 10% or 20%”, but a movement that “will really reach new heights.”

The managing director and chief investment officer of Swiss Asia Capital explained that many economies could face “a small recession” in the first quarter, which would lead many central banks to slow their pace of interest rate hikes and make gold instantly more attractive. According to him, gold is also the only asset that each central bank owns.