on CNBC, Suki Cooper from Standard Chartered said it was fascinating year for gold.

Though gold is broadly flat year-to-date, there were many forces, including dollar strength and the Fed’s fastest rate hikes in decades, that were expected to lead to a sharp decline in the yellow metal, Cooper said.

On the other hand, gold was expected to rally much higher on worries of a recession and stock market underperformance.

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She added that the safe-haven metal has held up “remarkably well given macro headwinds” and demand from India and China has also recovered.

Cooper said that “a number of headwinds from 2022 are likely to carry over into 2023, but some of these key factors are likely to recede,” like the strength of the dollar and the Fed raising rates so quickly.

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