Gold value increased, significant quarterly rise is expected

Gold just got even more golden.

Spot gold increased 0.2 percent on the final trading day of 2022 to reach USD1,818.70 (~PHP101,711.71) per ounce at 2:17 PM. However, U.S. gold futures remained at USD 1,826.2 (~PHP102,131.15), according to Reuters.

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Due to expectations of fewer interest rate increases by the U.S., gold prices increased on Friday. The non-yielding metal is on track to end its best quarter since June 2020, thanks to predictions of fewer interest hikes by the U.S. Fed after falling from all-time highs earlier this year.

Even though the U.S. central bank’s two rate increases in September drove gold to a more than two-year low, the price of the metal is only down around 0.5 percent in 2022. Since then, however, prices have reversed their declines.

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Economists predict that market mood will be influenced by how central banks throughout the world respond to growing inflation through 2023.

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Ram Mancelita
Ram Mancelita
"Experiencing Cebu one post at a time."

Editor | Cebu City

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