Gold

2022 - a year of conflicting forces

• Gold posted a small gain in 2022; no mean feat given an unprecedented rise in rates and a strong US dollar
• 2022 was a textbook example of gold’s stable and uncorrelated performance amid market turbulence
• Weak institutional demand was offset by retail investment – driven by inflation and geopolitics – and central banks had an exceptional year of net buying.

Looking ahead

• We find that developments since the launch of our 2023 outlook have been consistent with the markets’ consensus scenario, but with a nod to a more severe downturn, which could continue to be gold positive.