January 2023 Gold Performance
Gold prices opened the month at $1,851.80 per ounce and rose steadily in the first week of January, reaching an eight-month high of $1,904.87 on January 10th. The precious metal was driven by a weaker U.S. dollar, as well as cooling inflation, which raised hopes for slower interest rate hikes from the Federal Reserve. Spot gold closed the month at $1,876.90 on January 28th, after a drop of 0.7% from its peak. This was the biggest monthly gain since April 2021.