Gold approaches a record for new tariff threats – Ing

Gold rose to a new historical maximum after the announcement of new Trump tariffs. Gold has already risen more than 10% so far this year, having reached a series of consecutive historical maximums along the way. Concerns about tariffs that put greater inflation and slower economic growth are promoting the demand for shelter assets such as gold, Swing experts of ING, Ewa Manthey and Warren Patterson point out.

The Central Bank of China expands its gold reserves

“Meanwhile, the Central Bank of China extended its gold reserves for the third month in January. The gold held by the Popular Bank of China increased to 73.5 million Troy ounces in January, from 73.3 million in the previous month. Last week , the World Council of Gold Council (WGC) showed that the purchases of the central banks last year exceeded 1,000 tons for the third consecutive year, accelerating drastically in the fourth quarter to 333 tons and carrying the net annual total to 1,045 tons. “

“The Gold Rally in 2024 was driven by the purchases of central banks, especially China. Central banks continue to buy and will probably continue to do so as geopolitical tensions and economic climate continue to push them to increase their assignment towards shelter. “

“The latest CFTC positioning data show that the speculators increased their long net copper positions in Comex in 1,674 to 17,197 lots until February 4. In precious metals, long net positions of money managed in Comex’s gold decreased marginally in 366 lots per second consecutive week at 230,226 lots during the last week of reports. Net silver net positions increased by 11,052 lots to 37,370 lots (the highest level from the last week of October) until Tuesday, after an increase in long gross positions of 10,178 lots to 57,040 lots. “