On CNBC, Suki Cooper of Standard Chartered said it has been a fascinating year for gold.
Although gold is mostly unchanged year to date, there were many forces, including strength in the dollar and the Fed hiking rates at the fastest pace in decades, that were expected to result in a sharp decline in the yellow metal, Cooper said.
On the other hand, gold was expected to go much higher due to concerns over recession and underperformance in equity markets.
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She added that the safe-haven metal has held up “remarkably well, given what the macro headwinds were” and there is a recovery in demand from India and China as well.
Cooper said that a “number of headwinds from 2022 are likely to persist in 2023, but some of those key factors are likely to recede,” such as strength in the greenback and Fed increasing rates at such a fast pace.
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Image and article originally from www.benzinga.com. Read the original article here.