Gold prices seeing their best start to the year since 2012, flirting with a technical bull market

Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.

(Kitco News) - The gold market has reached a significant milestone as prices overnight climbed above $1,940 an ounce, pushing it briefly into an official bull market.

While gold is slightly down from its overnight highs, prices are up nearly 20% from their two-year lows seen in November. February gold futures last traded at $1,938.70 an ounce.

Along with its bull-market status, so far, the precious metal is up $100 in the first month of 2023, its best start to the year since 2012.

According to analysts, gold's renewed momentum comes as bond yields remain subdued and the U.S. dollar continues to trade at a seven-month low.