In its very latest Gold Market Commentary (issued Wednesday) the World Gold Council (WGC) says that gold is on course for a strong January, with recent price highs not looking likely to deter investors.
The report recapped a stellar 2023, with WGC figures saying that strong central bank demand accounted for around 15% of gold’s performance last year, with emerging market demand also helping to power the bulls to record highs. The Council’s figures also confirm that gold prices increased by a record 15% in 2023 – while noting that we also seem to be on course for gold to perform well in the traditionally strong month of January.
Looking further ahead, the WGC raised fears that a soft landing may be a remote possibility for the US economy. It warns, “There may well be a battle between intermittent inflationary scares (shipping costs) and recessionary impulses (JOLTS hiring), highlighting how perilously narrow the path to an economic soft landing is.” This would further favour the bulls, adding to the strong start we have already seen from the yellow metal thus far in 2024.
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