By Cameron Judd May 16, 2023 — 9.23am A precious metals bull market appears to have started, with the physical gold price gaining 23 per cent from its lows in September last year. Gold has recently breached the psychologically important US$2000/oz mark and, in Australian dollar terms, gold is nearing its all-time high price of $3000/oz. Further gains in the gold price are expected in the face of aggressive US Federal Reserve rate rises, which is raising the risks of a recession.