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On this day — January 5, 2025
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 5 of 365 · Q1 2025 · 1.4% through the year
January 2025 gold market: Record run resumes on rate-cut hopes
BullishRate-cut expectations and central-bank demand reignited the record run.
Gold opened 2025 strongly as markets positioned for future Fed rate cuts and a new US administration brought immediate policy and tariff uncertainty. Falling rate expectations pressure bond yields and the dollar while making non-yielding gold more attractive — and continued record central-bank buying reinforced the bid from day one.
What drove gold in January 2025
- Fed rate-cut expectations
- record central-bank buying
- geopolitical and policy uncertainty
- weaker-dollar positioning
Key events in January 2025
- Jan 20Trump inaugurated; tariff threats lift safe-haven and hedging demand
What happened next
Persistent inflation worries and accumulating institutional demand kept the uptrend intact into February.
For gold buyers
January set the tone for a historic year — with rate cuts expected and central banks buying relentlessly, gold's path of least resistance was higher.