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Comex gold futures rose as high as US$1877 an ounce overnight, a seven-month high.
The spot gold price briefly touched $1850/oz and last traded at $1839/oz with a stronger US dollar hampering the rally.
Australian dollar spot gold rose as high as A$2725/oz, the highest since March 2022.
The gold price was essentially flat in 2022.
Gold has been boosted in recent days by recession talk and reports of heightened central bank buying.
Despite the positive sentiment, Australian gold miners were only up by about 2% after North American miners rose overnight.
Canaccord Genuity is bullish on gold for 2023.
"Should equity markets transition into a secular bear market, the defensive aspects of gold should help to cushion any potential downside," analyst Javed Mirza said overnight.
"On the other hand, if the Federal Reserve does pause or ease in 2023, this should be a major tailwind for precious metals in general, and gold in particular.
"Gold miners have been trending lower since peaking in the summer of 2020. An attractive entry point is developing as the technical profiles of gold miners are improving near important support."
