Gold Is Gaining Ground. Here’s How to Play It.

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Oil and other commodities were the stars of 2022. Gold already off to a strong start, could take that mantle in 2023.

Last year was a disappointment for those who expected gold to perform well amid an inflation spike. It rose only 0.4% to $1,814 an ounce, though it rallied more than 10% in the year’s final two months. But its performance was lackluster compared with the Energy Select Sector SPDR exchange-traded fund (ticker: XLE), which tracks oil stocks and was up 64% in 2022, and United States Oil (USO), which invests in oil futures and gained 29%. Worse still were gold-miner stocks—the VanEck Gold Miners ETF (GDX) was down 9%.