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On this day — January 17, 2021
Sunday — the international gold market is closed. Spot quotes carry forward from the prior Friday close. Retail rates in jewellery markets may differ slightly based on local Sunday hours.
Day 17 of 365 · Q1 2021 · 4.7% through the year
January 2021 gold market: Reflation trade pressures gold
BearishRecovery optimism and rising yields pressured gold.
Gold eased from around $1,950 toward $1,850 early in 2021 as rising bond yields and optimism about vaccines and stimulus fuelled a 'reflation' rotation into cyclical assets and away from safe havens.
What drove gold in January 2021
- rising US Treasury yields
- vaccine-rollout optimism
- rotation into cyclical assets
- stronger US dollar
Key events in January 2021
- Jan 6Yields jump after Georgia Senate runoffs; gold slips
What happened next
Rising yields kept pressuring gold to a March low near $1,680.
For gold buyers
2021 opened as a mirror image of 2020 — recovery optimism and rising yields did to gold what crisis and falling yields had done for it.