on Thursday after the latest US GDP data highlighted the country’s economy rebounded faster than previously estimated, potentially setting the Fed on a keener path to fight inflation.
Gold prices are on track for a second consecutive yearly decline, falling nearly 2%, with prices down more than $250 since March highs as central banks hiked interest rates to tame inflation. However, “you’re going to see a better demand picture for the metals in 2023. Inflation could still be problematic, but central banks are going to, around mid-year, start to let off the gas and that’s going to be supportive for the metals markets,” Wyckoff noted.
Markets also kept a close tab on rising covid-19 cases in top gold consumer China, which could have an impact on physical demand.
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