On the final trading day of 2022, gold was up in spot transactions by 0.2%, to $1818.70 an ounce, as of 18:58 GMT.
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Gold prices rallied at the end of today’s trading on Friday
Gold prices moved higher today, Friday, and the precious metal is about to close with its best quarterly performance since June 2020, thanks to expectations of a slower pace of interest rate hikes by the US Federal Reserve.
Gold fell just 0.5% in 2022 after successive interest rate hikes by the Federal Reserve pushed gold to its lowest level in more than two years in September, but has since reduced the losses.
On the final trading day of 2022, spot gold was up 0.2% to $1818.70 an ounce by 1858 GMT.
US gold futures contracts were adjusted slightly, upon settlement, to trade at $1,826.2. Analysts have stressed that the market in 2023 will be driven by global central bank reactions to rising inflation.
And the Federal Reserve raised interest rates this year from near zero in March to a range of 4.25% to 4.5%, in the most severe wave of interest rate hikes since the 1980s. last year, which pushed gold down from a near-record level above $2,000 an ounce in March.
In terms of other precious metals, the spot price of silver 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 an annual gain, while palladium is heading for a 5.6% year-over-year loss.
