As far as the Gold market is concerned, Tuesday will see the World Gold Council (WGC) publish the supply and demand figures for the fourth quarter and for 2022 as a whole. Interest among ETF investors is likely to continue to dictate the direction of prices, in the view of economists at Commerzbank.

Physical demand in Asia to provide little impetus on balance

“As the brisk buying interest in China was countered by rather muted demand in India – the second-largest consumer country – recently, physical demand in Asia will probably provide little impetus on balance.”

“Interest among ETF investors is likely to continue to dictate the direction of prices: if the first tentative indications of recent days turn out to confirm a trend reversal, this should lend a tailwind to the Gold price. Increased interest could be generated in particular if the central banks at their meetings were to hint at an end to the rate hike cycle.”