Gold outperformed almost all other asset classes in Australian dollar terms in 2022 and there are reasons to believe it can outperform again this year. Looking back at 2022 Last year, the price of gold experienced three distinct phases. The Ukraine invasion and surging inflation pushed gold prices higher during the opening three months of the year. Gold price (USD/t.oz) 1 Jan 2022 - 26 February 2023 Source: Trading Economics The solid start softened from mid-April.