Gold Stays Supported After Breaking Above $1800 Per Ounce

Published on Jan 03, 2022 12:49

COMEX Gold rose to a six week high of $1830 per ounce at the yearend. The yellow metal has seen a wild ride last year and saw a near a 4% decline in annual terms which is its its biggest annual loss since 2015. The trading interest in the metal eased as a strong post-pandemic economic recovery and persistently high inflation prompted major central banks to tighten monetary settings earlier than anticipated. The Federal Reserve committed to end its bond-buying by March and signaled three 25 basis point interest rate hikes in 2022. The yellow metal is, however, well off the lows under $1700 per ounce seen in March 2021.