The precious metals market is experiencing significant shifts across multiple fronts. US gold jewelry demand is heading for a fourth consecutive year of decline, highlighted by Signet Jewelers’ 12% Q4 sales drop, reflecting a broader trend of consumers shifting to lower-carat gold products amid high prices. Global jewelry demand remains below 2021 levels, down 10% year-to-date through Q3 2024. Simultaneously, market uncertainty surrounding Trump’s proposed tariffs has led to record gold flows into COMEX inventories, with a historic single-day addition of 676,000 ounces last Wednesday. Short-term gold lending rates are elevated, indicating tight liquidity, while speculative dollar positions reach five-year highs. While gold achieved a new euro-denominated record at €2,645.80/oz, it faces key technical resistance at $2,725/oz in dollar terms.