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On this day — February 4, 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.
Sunday — the international gold market is closed. Spot quotes carry forward from the prior Friday close. Retail rates in jewellery markets may differ slightly based on local Sunday hours.
Day 35 of 366 · Q1 2024 · 9.6% 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 4 across the years — 2020 → 2022
| Year | Feb 4 close | vs prior | |
|---|---|---|---|
| Feb 4, 2022 | $1,804.70 | +15.80% | View |
| Feb 4, 2020 | $1,558.40 | — | View |