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On this day — January 30, 2024
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.
Tuesday — a normal trading day. Tuesday is also when the CFTC publishes Commitments of Traders data for the prior week, often producing intraday movement.
Day 30 of 366 · Q1 2024 · 8.2% through the year
January 2024 gold market: Consolidation above $2,000
Range-boundA firm hold above $2,000 awaiting Fed cuts.
Gold opened 2024 holding comfortably above $2,000 near $2,040, consolidating the late-2023 breakout. Markets debated how soon the Federal Reserve would begin cutting rates, keeping prices range-bound but firm.
What drove gold in January 2024
- Fed rate-cut timing debate
- resilient central-bank demand
- Middle East tensions
- firm physical demand in Asia
Key events in January 2024
- Jan 31Fed holds rates; signals patience on cuts
What happened next
The quiet base broke decisively in March, when gold launched to new all-time highs.
For gold buyers
January's calm above $2,000 was the launchpad for one of gold's strongest years on record.
Jan 30 across the years — 2020 → 2023
| Year | Jan 30 close | vs prior | |
|---|---|---|---|
| Jan 30, 2023 | $1,924.10 | +3.24% | View |
| Jan 30, 2021 | $1,863.80 | +18.09% | View |
| Jan 30, 2020 | $1,578.30 | — | View |