Buyers have breathed some fresh life into gold in early North American trading as it pips to $1822, up $10 on the day.
The high for the year for gold came on the first trading day of January as it touched $1831. It then slid to $1787 by the end of the first week of trading and has stayed within that range.
Seasonally, January is a strong period of gold but that hasn't played out this year. Perhaps that's owing to uncertainty in China around the lunar new year holiday and traditional buying for that period.
At the same time, given surging global bond yields, gold holding its ground in the month is a decent outcome for the bulls. Unfortunately, that headwind doesn't look like it will stop blowing any time soon.