On the last trading day in 2022, gold rose in spot transactions by 0.2%, to $ 1818.70 an ounce, by 18:58 GMT.
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Gold prices rose at the end of trading today, Friday
Gold prices rose today, Friday, and the precious metal is on its way to closing on its best quarterly performance since June 2020, thanks to expectations of a slowdown in the pace of interest rate hikes by the US Federal Reserve.
Gold fell by only 0.5% in 2022, following successive interest rate increases by the Federal Reserve pushed gold to its lowest level in more than two years in September, but it has pared its losses since then.
On the last trading day in 2022, spot gold rose 0.2% to $1818.70 an ounce by 1858 GMT.
US gold futures contracts were little changed, upon settlement, to trade at $1,826.2. Analysts pointed out that the market in 2023 will be driven by global central banks’ reactions to rising inflation.
And the Federal Reserve raised interest rates this year from nearly zero in March to a range between 4.25% and 4.5%, in the most severe wave of interest rate hikes since the eighties of the last century, which pushed gold to decline from an almost record level above $2,000 an ounce in March.
In terms of other precious metals, the spot silver price fell 0.4% to $23.79 an ounce. Platinum rose 0.9% to $1,063.43, while palladium fell 1.6% to $1,784.76.
Silver and Platinum are heading for a yearly gain, while Palladium is heading for a 5.6% YoY loss.