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January 2023 Gold Performance

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. [1]

References: [1] Gold rises over 1% on slower Fed rate-hike prospects - Reuters [2] Gold prices fall from multi-month highs - CNBC [3] The Fed May Finally Be Winning the War on Inflation. But at …

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