International News
Clothing and jewellery top list of gifts USÂ shoppers have purchased in Christmas season
Every year, the Saturday just before Christmas turns into a shopping frenzy called Super Saturday. This year, it falls five days before December 25, and experts predict it will be bigger than ever. According to the National Retail Federation (NRF), about 158.9 million Americans plan to shop on this day. That’s 1.7 million more shoppers than in 2024 and even beats the old record of 158.5 million from 2022. The NRF learned this from a survey they did with Prosper Insights & Analytics, asking thousands of people about their holiday plans.
What are people buying? Clothing, accessories, and jewelry top the list—48% of shoppers picked these so far. Toys came next at 30%, and gift cards at 27%. The fun doesn’t stop on Christmas Day either. About 70% of people said they’ll keep shopping the week after to snag sales, use gift cards, or handle returns. The NRF surveyed 8,005 adults from December 1 to 10 to get these insights. They also predict total holiday sales from November to December will jump 3.7% to 4.2% this year, topping $1 trillion.
Super Saturday is special for shoppers and stores because it’s the perfect time to grab last-minute gifts. Katherine Cullen, who studies shopping trends for the NRF, says it’s prime time for holiday buys. In the survey, 45% of people planning to shop said they’ll do it both online and in stores. Another 29% will only go to physical shops, while 26% stick to online shopping. By early December, most people had finished about half their holiday shopping. Those still shopping said they were deciding on gifts, busy with money matters, or waiting for ideas from family and friends. Overall, shoppers plan to finish up online (46%), at department stores (33%), or discount stores (26%).
A staggering 14% rally in January took gold above the US$5,000 mark, cementing the 5k number as a headline to match the first recorded annual 5,000 tonnes of total demand. The month closed at US$4,982/oz and scored 12 all-time highs. But it was not without drama with large intraday swings on the last two days of the month.
Our Gold Return Attribution Model (GRAM) showed an unusually large contribution from implied volatility (c.50% of January’s return), reflecting substantial option market activity. This variable currently sits in risk & uncertainty, although is likely more reflective here of momentum.Â
Global gold ETF flows provided plenty of support adding 120t in January to take holdings to a new record, valued at US$669bn. The flows were dominated by Asia (62t) and North America (43t) while Europe saw more modest inflows
Key Price Figures (January 2026)
The month was characterized by relentless momentum, scoring 12 all-time highs before ending with significant intraday volatility.
| Metric | Value (USD) | Peak Date |
| January Closing Price | US$4,982/oz | Jan 30, 2026 |
| All-Time Record High | US$5,307/oz | Jan 28, 2026 |
| Monthly Return | +14.1% | — |
Performance in Other Major Currencies (Jan Return):
- INR: +23.9% (Record high: ₹176,306/10g)
- RMB: +19.2% (Record high: ¥1,248/g)
- EUR: +13.0% (Record high: €4,444/oz)
Major Market Drivers
- Momentum & Options (GRAM Model): Approximately 50% of January’s return was attributed to implied volatility and massive options market activity rather than pure macro fundamentals.
- ETF Inflows: Global gold ETFs added 120 tonnes (valued at US$669bn), the strongest month on record.
- Asia: 62t (led by China)
- North America: 43t
- Europe: 13t
- The “Warsh Effect”: Late-month drama was fueled by the nomination of Kevin Warsh as the next Fed Chair. Markets perceive him as a “hawk” favoring a smaller Fed balance sheet, which triggered a sharp intraday correction from the $5,300 peaks.
Macro Outlook: The Inflation Resurgence
While geopolitics dominated January, the narrative is shifting toward resurgent US inflation risks for the remainder of 2026. Key triggers include:
- Tariff Pass-through: Lagged effects of trade policies hitting consumers.
- Fiscal Stimulus: Prospective $2,000 “tariff dividend” checks and ACA subsidies ahead of the US mid-term elections.
- Tight Labor: A falling breakeven employment rate and rising household inflation expectations.
Investment Implications
- Stock-Bond Correlation: Inflationary shocks are making stocks and bonds move in the same direction, reducing the efficacy of traditional 60/40 portfolios.
- Gold’s Role: Gold is increasingly viewed as a left-tail hedge and a “hard money” alternative as sovereign debt levels (reaching 30% of the $340T global sector debt) raise debasement fears.
The gold market is likely to “pause” after the January surge, but the combination of fiscal expansion and Fed leadership uncertainty suggests investment demand will remain a structural feature of 2026.
source :WGC
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