Gold is shining; these factors will play a role for the yellow metal in 2023
- So far in 2022, gold faced heat from monetary policy tightening, strengthening in the greenback, and rising rates trend. However, in the last quarter of 2022, gold found some support from a smaller size hike in key rates by US Federal Reserve.
Less than a week left for 2022 to end and gold has started to pick up momentum as the dollar index pulled back on improving risk sentiment. Also, China has indicated scrapping Covid restrictions for inbound travellers in early January which lifted markets sentiments globally. In the international market, spot gold stayed above its key psychological threshold. At home, the bullion inched closer to ₹55,000 per gram mark.
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