In a Year…Gold Declined 4%, Recorded Worst Annual Decline Since 2015

Gold was set for its worst year since 2015 as a global economic recovery caused safe-haven flows into the metal to ease and as central banks prepared to raise interest rates to contain inflation.

Gold prices have declined more than 4% so far this year after rising 48% over the previous two years, as the global economic recovery reduced demand for the safe-haven metal.

Spot gold rose 0.1% in thin trading to $1,817.57 per ounce by 0846 GMT, hovering close to a one-month high. U.S. gold futures rose 0.3% to $1,818.90.

Year-end risk hedging has pushed gold higher overnight and is keeping gold supported in Asia, despite a modest U.S. dollar rally overnight. Gold is now just below resistance at $1,820.

Spot silver rose 0.3% to $23.11 an ounce and platinum rose 0.2% to $962.90, while palladium fell 1.1% to $1,9444.32.