WGC – Gold Market Commentary, Jan 2026

The gold market experienced a significant rally in January 2026, rising by 14% and surpassing the US$5,000 per ounce mark.

This rally was supported by strong global gold ETF inflows, especially from Asia and North America. The Gold Return Attribution Model (GRAM) indicated that implied volatility was a major driver of the price increase. Geopolitical factors influenced recent market volatility, while macroeconomic fundamentals such as inflation risks and US monetary policy are expected to play a larger role going forward. Inflation risks may be underestimated by investors, suggesting a possible resurgence.