Gold Price RECAP January 20-24 (2025)

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By Matthew Bolden – Jan 24th, 2025 3:06:02 PM EST

Happy Friday, traders. Welcome to our weekly market wrap, where we take a look back at these last five trading days with a focus on the market news, economic data, and headlines that had the most impact on gold prices and other key correlated assets— and may continue to in the future.

Gold prices have moved steadily higher this week and look set to close Friday’s trading close to all-time highs.

So, what kind of a week has it been?

With a very sparse macroeconomic calendar, headline reporting in and around financial markets took command of gold-trading trends this week in lieu of data-driven movement. More often than not, a week like this (especially when shortened by a Monday holiday) results in relatively flat pricing for gold. Since this is the first week of the new US administration in Washington, however, there has been plenty of news for the market to trade against, which has translated to a steady flow of bids pushing the yellow metal’s spot price close to new highs.

After having the US markets closed in observance of Martin Luther King Jr Day, gold came out of the gates hot on Tuesday, immediately climbing steadily higher for the first 24 hours of trading until ticking near $2760/oz early Wednesday morning— a gain of roughly $60/oz. Mid-week trading saw gold mostly trading sideways around this level and consolidating gains. Then, late Thursday, the precious metal began accelerating higher again. On Friday, we see spot prices trading in the neighborhood of $2780/oz, within touching distance of all-time highs.

While there are certain to be market-moving headlines and proclamations with different effects to be reckoned with in the weeks ahead, the main driver of gold trading this week was the new administration’s indications that it will fulfill the promises of new, aggressive tariff policy on which it campaigned. This was certainly a key part of the messaging on Monday and Tuesday, then again on Thursday afternoon, spurring steep USD-selling and corresponding with the strongest rallies in gold.

We expect news out of Washington to play a similarly important role next week, but the market impact will either be mitigated or amplified by a more robust schedule of macroeconomic reporting as we close out the first month of 2025. Primary among these will be the year’s first FOMC meeting and interest rate decision, but we will also see updated PCE inflation data and a first accounting of US GDP growth for Q4 2024.

In the meantime, traders, I hope you can get out and safely enjoy your weekend for the next couple of days. After that, I’ll see you back here next week for another market recap.

Matthew Bolden

Matthew Bolden is an active trader and investor. His passions include writing about financial markets in a simple, pragmatic way. His work has been seen in various arenas within the world of global finance, and he has written commentary on several markets including precious metals, stocks, currencies and options.

Matthew is an avid reader, student of the markets and sports enthusiast who resides in the greater Chicago area.

Courtsey To : Goldprice