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On this day — January 16, 2022

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 16 of 365 · Q1 2022 · 4.4% through the year

January 2022 gold market: Hawkish Fed pivot caps the year's open

Range-bound

Hot 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
Themes#Fed policy#inflation#US dollar strength

Key events in January 2022

  1. 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.

Jan 16 across the years — 20202021

+18.3% over 1 years
20202021
YearJan 16 closevs prior
Jan 16, 2021$1,839.00+18.29%View
Jan 16, 2020$1,554.60View
Each row is the verified XAU/USD spot close for Jan 16 of that year. Click any row to open the full daily archive (with country tables for Jan 16, 2020+).