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On this day — February 3, 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.
Saturday — the international gold market is closed. Most retail jewellery markets, especially in Asia and the Middle East, see peak Saturday foot-traffic and physical trade activity.
Day 34 of 366 · Q1 2024 · 9.3% through the year
February 2024 gold market: Consolidation as hot data delays cuts
Range-boundA tight range as hot inflation delayed rate-cut bets.
Gold held in a tight range around $2,030 in February 2024, dipping toward $1,990 after a hotter-than-expected US inflation report pushed back expectations for Fed rate cuts. Steady central-bank and Asian demand kept the pullbacks shallow.
What drove gold in February 2024
- hotter US inflation print
- rate-cut expectations pushed back
- steady central-bank demand
- firm dollar
Key events in February 2024
- Feb 13Hot US CPI dips gold toward $1,990 before it recovers
What happened next
The coiled range resolved explosively in March with a breakout to record highs.
For gold buyers
February's quiet consolidation was the calm before March's historic breakout — accumulation paid off.
Feb 3 across the years — 2020 → 2023
| Year | Feb 3 close | vs prior | |
|---|---|---|---|
| Feb 3, 2023 | $1,875.40 | +19.09% | View |
| Feb 3, 2020 | $1,574.80 | — | View |