On the last trading day of 2022, spot gold rose 0.2% to $1,818.70 per ounce by 2:17 p.m, while US gold futures settled unchanged at $1,826.2, Reuters reported.

 

Gold prices moved up on Friday, as the non-yielding metal is on course to close its best quarter since June 2020, thanks to predictions of fewer interest rate hikes by the U.S. Fed following a drop from record highs earlier this year.

 

Bullion is only down about 0.5% in 2022 as back-to-back rate hikes by the US central bank pushed gold to a more than two-year low in September, but prices have pared losses since, according to leading economists.

 

The reaction of global central banks to rising inflation will dictate market sentiment through 2023, they added.