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On this day — February 2, 2022
Chinese New Year: Chinese gold demand surges in the lead-up to Lunar New Year as families exchange gold pendants, rings and bars. Year-on-year, China's January–February gold imports run 30–50 percent above other months.
Wednesday — a normal trading day. FOMC announcements (when scheduled) typically come on Wednesdays at 2 PM ET, often producing intraday gold volatility.
Day 33 of 365 · Q1 2022 · 9.0% through the year
February 2022 gold market: Russia invades Ukraine; gold surges
BullishA powerful safe-haven surge on the outbreak of war.
Gold rallied through February and exploded higher after Russia invaded Ukraine on February 24, vaulting toward $1,970 as investors fled to safety. The war added a powerful geopolitical and inflationary impulse on top of an already tense macro backdrop.
What drove gold in February 2022
- Russian invasion of Ukraine (Feb 24)
- safe-haven flight
- surging energy and commodity prices
- sanctions and reserve-freezing fears
Key events in February 2022
- Feb 24Russia invades Ukraine; gold spikes toward $1,970
What happened next
The war drove gold to a near-record in early March before the Fed's first hike turned the tide.
For gold buyers
February's war-driven spike rewarded existing holders but, as so often with geopolitical rallies, set a short-term top for new buyers.
Related months to read
Feb 2 across the years — 2020 → 2021
| Year | Feb 2 close | vs prior | |
|---|---|---|---|
| Feb 2, 2021 | $1,833.10 | +15.13% | View |
| Feb 2, 2020 | $1,592.17 | — | View |