Los gold prices It rose on Friday and posted its best quarter since June 2020 on expectations of slower interest rate hikes from the Federal Reserve, after being hammered from record highs earlier this year.
The gold metal is down just 0.5% so far in 2022 as back-to-back Fed rate hikes pushed gold to more than two-year lows in September, but prices have pared losses since.
“The latest inflation data shows that prices are starting to cool down a bit. That’s encouraging for metals market bulls and has been part of the reason we’ve seen the rise,” said Jim Wyckoff, a senior analyst at Kitco Metals.
On the last trading day of the year, the spot gold gained 0.2% to $1,817.41 an ounce by 1608 GMT, while gold futures in the United States they fell 0.1% to $1,824.20.
“Dollar index weakness supported prices, but rising bond yields limited gains,” Wyckoff added.
In other precious metals, spot silver fell 0.3% to $23.80 an ounce; platinum added 0.9% to $1,063.50; and palladium fell 2.9% to $1,762.50.
Silver and platinum were on track to end the year higher, while palladium fell 6.8 percent.
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