Gold fell to its lowest level since 2015 on Friday, as the global economy recovered from last year’s downturn, robbing the metal of safe-haven flows, and central banks prepared to hike interest rates to keep inflation under control.

By 06.47 GMT, spot gold had gained 0.1 percent to $1,817.40 per ounce, staying near Tuesday’s one-month high, as a drop in US Treasury yields enhanced the metal’s allure by lowering its opportunity cost. Gold futures in the United States increased by 0.3 percent to $1,818.90.

“Despite a minor US dollar recovery overnight, year-end risk hedging has pushed gold higher overnight and is keeping gold supported in Asia. At $1,820, gold is slightly below resistance “Oanda’s senior market analyst, Jeffery Halley, agreed.

For purchasers holding foreign currencies, a rising dollar makes bullion more costly.

Gold prices have fallen more than 4% so far this year, after soaring 48 percent in the previous two years, as demand for the safe-haven commodity has dwindled.

Following its greatest yearly performance in a decade last year, when the metal reached an all-time high of $2,072.50, gold fluctuated between $1,676 and $1,959 per ounce this year.

“Given all the pro-growth developments and all the monetary policy normalization,” Dominic Schnider, head of commodities and Apac FX at UBS Wealth Management in Hong Kong, said.

“You might argue that gold prices would already be significantly lower if we didn’t have inflation,” Mr Schnider remarked. For euro or yen investors, gold’s performance for the year was fairly beneficial, he noted.

Spot silver increased by 0.4 percent to $23.12 per ounce, while platinum increased by 0.3 percent to $964.38 and palladium decreased by 0.9 percent to $1,948.70.

Silver was on course to have its worst year since 2014, with a drop of more than 12%. Platinum was down more than 9%, while palladium was on track to have its worst year since 2015, with a decrease of more than 20%.