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On this day — January 15, 2025

Wednesday — a normal trading day. FOMC announcements (when scheduled) typically come on Wednesdays at 2 PM ET, often producing intraday gold volatility.

Day 15 of 365 · Q1 2025 · 4.1% through the year

January 2025 gold market: Record run resumes on rate-cut hopes

Bullish

Rate-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
Themes#Fed rate cuts#central-bank demand#policy uncertainty

Key events in January 2025

  1. 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.

Jan 15 across the years — 20202022

+17.7% over 2 years
20202022
YearJan 15 closevs prior
Jan 15, 2022$1,823.00+17.69%View
Jan 15, 2020$1,549.00View
Each row is the verified XAU/USD spot close for Jan 15 of that year. Click any row to open the full daily archive (with country tables for Jan 15, 2020+).