2018: A Tie Between the Bulls and Bears
The gold price traded in a fairly tight range in the first quarter of 2018, mostly between $1,300 and $1,350. Then it began to decline sharply in the second quarter, largely due to higher equity prices and strong GDP figures. It fell particularly hard from April through August (a seasonally weak period for the yellow metal), declining 15% from $1,365 to an 18-month low of $1,160.
Once volatility returned to equity markets and global growth worries emerged, gold gained 10% from August to year end. December saw a 5% rise, gold's strongest month since January 2017. It ended the year down 1.1%, its first annual decline since 2015.
As can be seen, the only asset class that rose last year was the US Dollar (and inflation). Gold was not the only investment that ended the year in negative territory, actually holding up better than most.