Concerns about an incoming economic slowdown have hit markets, while continued hawkish rhetoric by Fed speakers has added to negative risk sentiment.

It’s a new year but the same old story with markets sensitive to Fed rate hike bets and hawkish chatter by policymakers.

Gold continues to glitter, gaining roughly 2.8% since the start of the new year. The precious metal remains supported by a weaker dollar, falling Treasury yields and growing expectations of a less hawkish Fed.

As we emerge out of a rough year dominated by soaring inflation, slowing global growth, heightened geopolitical risks and Covid-19, the early part of 2023 looks like it could be more of the same story.