Geopolitical tensions: Escalation of the Middle East conflict typically increases demand for gold as a safe-haven asset, potentially driving up SGLN.L's value.

Inflation expectations: Upcoming US CPI and PCE data releases influence inflation outlooks. High inflation expectations generally boost gold's appeal as a hedge against currency devaluation, favoring SGLN.L.

Interest rate outlook and USD strength: The US Q4 GDP and PCE data, alongside CPI, will shape Federal Reserve interest rate expectations. A stronger US dollar or higher interest rates can make non-yielding gold less attractive, while a weaker dollar or lower rates can be supportive of gold prices and thus SGLN.L.