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On this day — January 31, 2023
Chinese New Year: Chinese gold demand surges in the lead-up to Lunar New Year as families exchange gold pendants, rings and bars. Year-on-year, China's January–February gold imports run 30–50 percent above other months.
Tuesday — a normal trading day. Tuesday is also when the CFTC publishes Commitments of Traders data for the prior week, often producing intraday movement.
Day 31 of 365 · Q1 2023 · 8.5% through the year
January 2023 gold market: Strong start on China reopening
BullishChina reopening and a softer dollar powered a strong start.
Gold rallied from about $1,820 to $1,920 in January as China's abrupt end to its zero-COVID policy revived demand expectations, the dollar weakened, and markets bet the Fed was nearly done hiking. It was one of gold's best opening months in years.
What drove gold in January 2023
- China reopening from zero-COVID
- weaker US dollar
- Fed slowdown expectations
- resilient central-bank buying
Key events in January 2023
- Jan 13Gold pushes toward $1,920 as the dollar slides
What happened next
Strong US data in February briefly revived the Fed-hawkish trade and pressured gold.
For gold buyers
January's surge rewarded buyers of the late-2022 lows, as the Fed-pause story finally gained traction.
Jan 31 across the years — 2020 → 2022
| Year | Jan 31 close | vs prior | |
|---|---|---|---|
| Jan 31, 2022 | $1,795.30 | -4.09% | View |
| Jan 31, 2021 | $1,871.89 | +18.16% | View |
| Jan 31, 2020 | $1,584.20 | — | View |