WGC Report: "Inflation Risk Seeps Back In"

January Gold Report and Outlook

Housekeeping: Good Evening. Extensive comments added as footnotes

January Summary

• Gold failed to power higher in January, despite seasonal tailwinds, after breaching record highs at the end of 2023¹.

• The hibernating inflation bear just got an unwelcome poke from Red Sea tensions and US data.

• Global gold ETF outflows and a reduction in speculative positioning were major contributors of gold’s January performance. ²

• Long-term Treasuries and the US dollar, on the back of strong upside US economic surprises, were also headwinds.³