The World Gold Council released the 2023 Gold Outlook Report, arguing that in the past year, the world economy has experienced various shocks and is currently at an inflection point. The biggest fluctuations were triggered when central banks stepped up their efforts to fight inflation. The interaction between inflation and central bank intervention will be the key to determining gold's performance in 2023. Furthermore, historical data show that a moderate recession and weak earnings have always been beneficial to gold; as inflation falls, a further weakening of the US dollar may provide support for gold; geopolitics makes gold a valuable hedge against tail risks. However, it is important to note that the pressure on commodities caused by the global economic slowdown may put resistance on gold in the first half of the year.