Gold prices surged to near-record levels in February 2022 passing $2,000 pre ounce mark as Russia invaded Ukraine and pessimism prevailed in the markets. The bullishness, however, was short-lived as the commodity embarked on a downtrend, falling over 20% by September 2022. The fall was driven by strong US dollar and aggressive interest rate hikes by the US Federal Reserve (Fed).

In late 2022 and the first weeks of 2023, however, the precious metal saw a trend reversal, enjoying a series of higher highs and higher lows. The gold’s price rose by 14% from November 2022 to early February 2023, supported by a less hawkish tone by the Fed’s Jerome Powell. Plus, the reopening of China’s economy and hence stronger jewellery demand boosted the price at the start of 2023.