Gold among top 2023 performers

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Gold finished the year on a high, literally and metaphorically, as the LBMA Gold Price PM reached a new historical record of US$2,078.40/oz on 28 December – the final afternoon auction of 2023.1

Gold rose 14.6% on the year, defying expectations amid a high interest rate environment and outpacing commodities, bonds and emerging market stocks.

Gold’s positive performance was linked to a combination of factors: 

  • Strong central bank demand
  • Robust retail demand in key markets
  • And increased geopolitical risk, especially in the last part of the year.    

Stay tuned for our upcoming Gold Market Commentary, scheduled for 9 January, for a deeper dive into the factors behind gold’s feat and our near-term expectations.

In the meantime, you can read our Gold Outlook 2024, where we explore three likely economic scenarios for this year and their impact on gold.

 

Chart 1: Gold was one of the best performing assets in 2023*

Footnotes

1There was no afternoon auction on Friday 29 December, but the morning session, which occurs at 10 am GMT, settled at US$2,062.40/oz that day – less than 1% below the record high. The LBMA Gold Price PM traded around that same level – US$2,067.55/oz – on 2 January 2024.