Here's how much gold has increased in 2023

Amid rising interest rates, recession concerns, banking instability and a close call potential debt crisis, it's no wonder more Americans are looking to gold for some stability in 2023.

Historically, people have turned to gold as a hedge against inflation and store of value used to weather volatility in other markets. This year, as gold's appeal grows because of those very traits, the demand has helped its value increase throughout the year.

Here's a rundown of just how much gold prices have changed this year, and why now could be a good time to consider adding gold to your portfolio. 

Learn more about the benefits of a gold investment with a free information kit now.  

How much has gold increased in 2023?

2023 has been a great year for gold investors — showing impressive growth since 2022, when it finished the year around where it started. 

"Gold made an impressive run from its 52-week low in late 2022 into early May of this year, rising over 25% during that period," says Mel Mattison, CFP, a financial services professional and consultant. 

Just considering this year, gold's value has increased around 6%. In early January 2023, gold prices were around $1,850 per ounce, according to spot price data from the World Gold Council. Now, as of early June 2023, gold's price is around $1,960 per ounce. 

"While many gold bulls were hopeful we were on the cusp of breaking out to new all-time highs, this recent run was unable to break conclusively through that all-time high of right around $2,070 per ounce," Mattison says.

Nevertheless, gold prices have held near the $2,000 mark for a while, and some experts predict they'll go even higher through the rest of this year and into next. With ongoing economic uncertainty and evolving signals from the Fed about the next interest rate moves, more people could continue to gain interest in gold as a store of value.

Explore your options for investing in gold with a free investors kit today.

How you can benefit from diversifying with gold

Gold isn't only worth considering when its price is high — in fact, gold can make a good addition to your portfolio in any economy.

Gold is often used for diversification, which can help fend off volatility in other markets. While it's important to invest in traditional stock and bond investments for long-term growth, having a small portion allocated to gold could help you weather downturns (experts recommend no more than about 5% to 10%).

Consider the S&P 500, an index made up of stocks from some of the largest publicly traded U.S. companies, that's often used to track how the market is doing. The year-to-date return for the index is, right now, above 11%. But in 2022, the index reported an annual loss of more than 19%.

While gold didn't increase by much in 2022, it didn't sustain that type of significant loss, either. If your portfolio was made up of both traditional investments and a diversifying asset like gold, you could have mitigated some of the losses last year while still taking advantage of today's gains — and continue to do so as markets fluctuate in the future.

If you're interested in investing in gold, consider speaking with an expert who can help you find the right plan for your portfolio today.

The bottom line

So far, gold's value has been on a positive trajectory in 2023. While it's impossible to predict what the future may bring, experts say there are plenty of economic factors pointing to continued growth for gold through the year. But regardless of these short-term price movements, gold can make a worthwhile investment for anyone who wants a diverse portfolio. 

If you're looking for a way to weather potential downturn in other markets, consider whether gold could be a good addition to your investment plan. Learn more about the options you have today with a free investment guide.