2024-02-08 03:00:00 ET
Summary
- Gold failed to power higher in January, despite seasonal tailwinds, after breaching record highs at the end of 2023.
- Global gold ETF outflows and a reduction in speculative positioning were major contributors to gold’s January performance.
- Long-term Treasuries and the US dollar, on the back of strong upside US economic surprises, were also headwinds.
- Lower rates eventually but data on the economy too strong. Recession risks remain but are lower.
- The hibernating inflation bear just got an unwelcome poke from Red Sea tensions and US data.
Gold gives back gains
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For further details see:
Gold Market Commentary: Inflation Risks Seep Back In