Gold Holds Near $4,995 as ETF Inflows Rise

SEATTLE (Scrap Monster): Gold prices stabilised last week following a volatile rally, with the LBMA Gold Price PM closing at US$4,995 per ounce, up 1% week-on-week. Year-to-date, the precious metal has gained 14%, supported by resilient investment demand and mixed macroeconomic signals.

Global ETF inflows accelerated across all regions, with Europe and Asia outpacing North America. Meanwhile, COMEX positioning showed negligible changes in net long exposure, suggesting a pause in speculative momentum. Options and SHFE positioning data were unavailable for the week.

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Macroeconomic data delivered conflicting signals. In the U.S., stronger-than-expected January non-farm payrolls (+130,000) and persistent inflation tempered expectations for imminent Federal Reserve rate cuts. However, sizeable downward payroll revisions, weak retail sales, and softer CPI prints pointed to underlying economic fragility. Markets continue to price in two rate cuts in 2026, though expectations for three or four cuts have edged higher.

Globally, equity markets ended mixed as Treasury yields retreated, the U.S. dollar softened, and oil prices eased.

Investors now await key U.S. data, including Durable Goods, Industrial Production, Housing figures, Fed Minutes, and PCE inflation. In Asia, central banks are expected to maintain steady policy rates amid uneven regional growth trends.