Connect with us

Gold Among Best-Performing Assets in 2023

<p><a href=”;>Gold</a> was among the best-performing assets in 2023.&nbsp;</p>
<p>The yellow metal ended the year at $2,064 an ounce and was up over 13 percent on the year.</p>
<p>So, how did gold stack up against other investment assets?</p>
<p>Pretty darn well.</p>
<p>According to analysis by the World Gold Council, gold outperformed emerging market stocks, U.S. bonds, the U.S. dollar, global treasuries, and commodities in general.</p>
<p>The only asset classes that performed better than gold were U.S. stocks and developed-market foreign stocks.</p>
<p><img src=”; width=”700″ height=”423″ alt=”gold performance 2023″ style=”display: block; margin-left: auto; margin-right: auto;” /></p>
<p>Gold charted this solid performance despite facing significant headwinds of a strong dollar and rising interest rates as the Federal Reserve tightened monetary policy throughout most of 2023.</p>
<p>The prospect of the Fed ending its interest rate hiking cycle and potentially cutting rates in 2024 helped gold rally through the last two months of the year.</p>
<p>Gold surged to a new record high in early December topping out at just over $2,125 an ounce. It couldn&rsquo;t sustain those highs, but it has since built strong support at $2,000 an ounce, creating a foundation for gold to test new highs in the coming year.</p>
<p>On Dec. 28, the LBMA Gold Price reached a new historical record of $2,078.40 per ounce during the final afternoon auction of 2023.</p>
<p>The World Gold Council pinpointed three factors driving gold’s solid performance in 2023.</p>
<li>Strong central bank demand</li>
<li>Robust retail demand in key markets</li>
<li>And increased geopolitical risk, especially in the last part of the year. &nbsp;</li>
<p>There are at least three factors in play that provide reasons to believe the gold rally will continue into 2024. You can read more about that <a href=”;>HERE</a>.</p>