This was the year when central banks intensified their battle against inflation, facing it with a tight monetary policy centered around raising interest rates.
Those policies were supposed to impact gold negatively throughout the moving of equalities to government securities.
However, gold was more than stable against the strongest performance of the US index in decades.
2023 is expected to be the gold’s year as we look to the year that most central banks will start to reduce interest rates.
This will drive liquidity back to the markets, creating a situation of a high volume of global demand as most investors knew that the recession is looming.
In Egypt, we can find a logical conclusion to the gold performance during 2022 in what happened in the international market.
Which shows a stable performance of gold against the USD.
No wonder the gold has increased by 100% against 65% devaluated EGP regardless of the high demand trends that are taking place in the gold market in Egypt