Key takeaways:

• Gold shares gained ground through the first half of the week, while energy markets face questions about the global economic outlook

The start of the new trading year opened with volatile conditions, led by declines across energy stocks, but there were gains for discretionary retailers and gold shares.

Which shares excelled?

With the price of gold at one stage touching a six-month high of US$1,860 per ounce, a swathe of mid-tier gold producers headline the week best performing stocks. That includes the likes of Silver Lake Resources (ASX: SLR), Bellevue Gold (ASX: BGL), and Ramelius Resources (ASX: RMS), as well as larger-scale gold players like De Grey Mining (ASX: DEG) and Evolution Mining (ASX: EVN).Higher gold prices were also providing a boost to junior gold explorer Tietto Minerals (ASX: TIE), which has just commenced wet commissioning at its Abujar gold project in CĆ´te d'Ivoire. With its first gold pour expected imminently, the company is forecasting up to 260,000 ounces of gold will be produced during its first year of operation.Fund managers were also among one of the leading themes this week, with several names posting strong performances across different trading sessions. Shares in Pinnacle Investment Management (ASX: PNI) surged on Thursday, finishing the day as one of the best stocks that make up the ASX 200. Meanwhile, there were consistent gains throughout the week for Perpetual (ASX: PPT). Although there was no specific catalyst for the industry, investors may be somewhat optimistic the worst could be behind these names following a difficult 2022 for the industry.Elsewhere, smaller biotech names have performed well this week. Some of the winners from this sector include Neuren Pharmaceuticals (ASX: NEU), Imugene (ASX: IMU), Clinuvel Pharmaceuticals (ASX: CUV), and Polynovo (ASX: PNV). The gains come despite the absence of any price-sensitive news, and in the face of a weak lead from the biotech sector in the US.Bursting out of the gates to start the new year, lottery reseller Jumbo Interactive (ASX: JIN) has made an impression with shareholders this week. There was no news out of the company that may have sparked the rally, but a closer look at the chart for the stock suggests technical trading may have played a role. The stock appears to have broken through a key resistance level on its way towards a six-month high.Last but not least, battery metals trio Sayona Mining (ASX: SYA), Core Lithium (ASX: CXO), and Ioneer (ASX: INR) round out the week winners. Of the trio, Core Lithium provided the main talking point for onlookers after recording a major achievement. The company announced the maiden shipment of lithium from its Finniss mine, representing a significant milestone as its first source of operational revenue.

Which shares dragged on the market?

After finishing 2022 as the best performing segment of the ASX, coal stocks have started the new year on the back foot. New Hope Corporation (ASX: NHC), Whitehaven Coal (ASX: WHC), and Yancoal (ASX: YAL) all feature among the biggest drags on the local market this week. 

Despite speculation emerging that China could be moving towards lifting its unofficial ban on Australian coal imports, investors focused on a sharp drop in the price of coal. While countries like Germany have recently upped their usage of coal for power generation, weather conditions in Europe have been more mild than historical averages, easing the strain on the energy network. 

The impact has been felt in other corners of the energy market as well. Natural gas prices tumbled as much as 7% earlier in the week, while crude oil prices were also down about 10%. That marked the biggest two-day loss for oil to start a year in three decades. 

The sell-off in oil markets was sparked by concerns about the global economic outlook, with China and the US facing difficulties ahead. As a result, Karoon Energy (ASX: KAR), Woodside Energy (ASX: WDS), Beach Energy (ASX: BPT), and Santos (ASX: STO) each encountered selling activity.Another energy segment feeling the squeeze this week, at least on Tuesday, was uranium. Major players in this space like Energy Resources of Australia (ASX: ERA) and Paladin Energy (ASX: PDN) started the week on shaky ground. The pull-back also ties in with concerns about the macroeconomic environment, where energy demand could decrease if a recession were to eventuate.Some of the other stocks weighing on the market this week include Qualitas (ASX: QAL), Viva Energy Group (ASX: VEA), Megaport (ASX: MP1), Link Administration (ASX: LNK), and CSL (ASX: CSL).

We'll be back next week with another Weekly ASX Trading Wrap Up - until then, have a great week!