Gold is heading for the worst year since 2015

Gold is heading for its worst year since 2015 as the global economic recovery has dampened the attractiveness of the precious metal which is considered a safe haven in times of heightened volatility and anxiety.

At the same time, the global price rally has led the major central banks to prepare to raise interest rates in 2022, hitting the precious metal that is considered to offer protection against inflation.

The gold spot is currently losing 0.1% at $ 1,817.57 per ounce, while US futures are gaining 0.3% to $ 1,818.90 per ounce.

Gold prices have fallen more than 4% this year, following a 48% rally over the past two years, as the global economic recovery has reduced demand for the precious metal. Gold hit 2020, when the global economy plunged into recession due to the pandemic, the best annual return in 10 years, with the precious metal climbing to a record high of $ 2,072.50.

The silver spot also recorded small losses of 0.3% at $ 23.11 per ounce, with the precious metal heading for the worst year since 2014, recording total losses of over 12% for 2021.