Gold is about to post its second annual loss

Gold prices have risen but are heading for a second consecutive yearly loss as the US Federal Reserve raised interest rates, severely weakening the non-producing metal’s attractiveness.

And spot gold contracts rose 0.22% to $1818.66. While U.S. gold futures fell 0.1% to $1,824,560, according to data from Bloomberg.

Gold is heading for a 0.6% annual decline as the US currency emerges as a preferred safe haven amid huge interest rate hikes by the US Federal Reserve.