VanEck Switzerland AG

Gold Solidifying Amid Shaky Macro Outlook

In December, gold prices fluctuated around the $1,800 per ounce level, driven by changes in inflation and economic news. The U.S. Dollar Index remained subdued, allowing gold to maintain upward momentum. Gold gained 3.1% for the month, ending the year at $1,824.02. China made its first official gold purchase in November since 2019, potentially indicating consistent buying in 2023, which could be another positive catalyst for the gold market. We also examine gold's wild ride in 2022 and its potential reemergence in an uncertain 2023.

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