Gold prices rose again slightly in the second half of January. Strategists at Commerzbank analyze the yellow metal’s outlook.

Gold will only resume its upward trend in the second half of the year

We don't see much more upside potential: after all, Fed Chairman Jerome Powell indicated at the press conference following the Fed meeting that the first Fed rate cuts are likely to take some time to come. He considered an interest rate cut as early as March to be unlikely. The Fed first wants to be sure that inflation will return to the target level on a sustained basis. Weaker economic data alone will probably not be enough.