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On this day — February 14, 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.
Wednesday — a normal trading day. FOMC announcements (when scheduled) typically come on Wednesdays at 2 PM ET, often producing intraday gold volatility.
Day 45 of 366 · Q1 2024 · 12.3% 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 14 across the years — 2020 → 2022
| Year | Feb 14 close | vs prior | |
|---|---|---|---|
| Feb 14, 2022 | $1,866.20 | +2.14% | View |
| Feb 14, 2021 | $1,827.10 | +15.54% | View |
| Feb 14, 2020 | $1,581.40 | — | View |