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On this day — January 12, 2022
Wednesday — a normal trading day. FOMC announcements (when scheduled) typically come on Wednesdays at 2 PM ET, often producing intraday gold volatility.
Day 12 of 365 · Q1 2022 · 3.3% through the year
January 2022 gold market: Hawkish Fed pivot caps the year's open
Range-boundHot inflation supported gold; a hawkish Fed capped it.
Gold started 2022 around $1,800 but struggled as the Federal Reserve signalled an aggressive tightening campaign to fight four-decade-high inflation. Rising rate expectations and a firm dollar kept a lid on prices even as real-world inflation ran hot.
What drove gold in January 2022
- Fed signalling aggressive rate hikes
- 40-year-high US inflation
- rising real-yield expectations
- firm US dollar
Key events in January 2022
- Jan 26Fed flags imminent rate liftoff; gold slips
What happened next
The standoff broke in February when Russia's invasion of Ukraine sent gold surging.
For gold buyers
January set 2022's central tension: surging inflation supported gold, but the Fed's response to it worked against the price.