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365-day check: gold has overcompensated for inflation

News Arnulf Hinkel, Financial Journalist – 13.02.2023

Over the past 12 months from the end of January 2022 to the end of January 2023, the price of gold in euro has risen faster than inflation. While inflation in the Eurozone averaged 8.7 per cent over the past 365 days, gold appreciated by 10.8 per cent over the same period.

Gold also beat inflation in the UK, Canada, and Asia

Within the Eurozone as well as in other regions, gold proved a protection against inflation over the last 12 months. In the UK, the precious metal gained 17 per cent, and in Canada its value increased by 12.2 per cent. The rise in the gold price was particularly pronounced in the Asian region: in China by 13.8 per cent, in India by 17.7 per cent, and most strongly in Japan with a value increase of 21.1 per cent. In the US, the precious metal was only able to partially compensate for inflation: due to the Fed’s decisive policy of raising key interest rates and the resulting strong US dollar, gold only gained 7.2 per cent within 365 days. However, inflation in the US has already been on a steady retreat since July 2022 and most recently stood at only 6.5 per cent.

How will the gold price develop?

The price rally that started in mid-December 2022 continued throughout January: gold in euro rose by another 6.5 per cent this month. Following the price drop in early February 2023, it remains to be seen whether gold will perform just as well in the coming months. Despite the setback, the gold price since the beginning of the rally remains well over 4 per cent above the level of mid-December. The fact that inflation in the Eurozone has been falling steadily for four months is encouraging; it reached 8.7 per cent in January 2023, a level last seen in June 2022.

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