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