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On this day — January 20, 2025
Donald Trump's second inauguration. Immediate tariff threats and broad policy uncertainty added to gold's record run, reinforcing safe-haven and inflation-hedge demand alongside record central-bank buying.
Monday — typically a high-volume trading day as markets digest weekend news. Asian gold imports often see Monday surges in major demand countries.
Day 20 of 365 · Q1 2025 · 5.5% 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.