Gold could see its worst performance since 2015 this year despite high inflation and fears of a recession, both of which typically provide positive price changes to the popular precious metal.
Gold hit about $2,040 US (about $2,630 Cdn.) a troy ounce in early March – up 13.5 per cent from the start of the year amid fears about Russia’s invasion of Ukraine – but has fallen 8.2 per cent as of mid-September.
“In the round, you could argue that gold is not doing particularly badly compared to where it could be,” World Gold Council CEO David Tait told Bloomberg this September, referencing increased interest rates and other economic factors playing into the precious metal’s price.
The Royal Canadian Mint reported decreased revenue in its bullion business line for the 13 and 26 weeks ended July 2. According to the Mint’s second quarter report, revenue decreased 14 per cent and eight per cent, respectively, to $761,000 and $1.556 million compared to the same periods in 2021.
“The decrease in revenue in both periods was mainly attributable to lower gold bullion volumes sold, as expected, partially offset by higher gold pricing,” reads the report.