Still, GLD and GLDM deserve some credit because the two bullion-backed ETFs outperformed broader equity and fixed income benchmarks this year. Indeed, ETFs such as the SPDR Gold Shares (GLD) and the SPDR Gold MiniShares (GLDM), didn’t generate upside in 2022. Another point in favor of gold heading into 2023 is the expectation that inflation will continue easing, potentially prompting the Federal Reserve to scale back the pace of interest rate increases.