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On this day — February 3, 2025

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.

Monday — typically a high-volume trading day as markets digest weekend news. Asian gold imports often see Monday surges in major demand countries.

Day 34 of 365 · Q1 2025 · 9.3% through the year

February 2025 gold market: Uptrend extends on inflation and safe-haven demand

Bullish

Inflation and debt worries sustained the strong uptrend.

Gold continued higher in February as elevated inflation concerns, worries about persistent government debt, and currency-debasement fears drew investors toward gold's traditional store-of-value role. Institutional accumulation and safe-haven demand kept the trend firmly intact.

What drove gold in February 2025

  • elevated inflation concerns
  • government-debt and debasement fears
  • safe-haven demand
  • institutional accumulation
Themes#inflation#safe-haven demand#debt and debasement

Key events in February 2025

  1. Feb 24Tariff plans on major trading partners reinforce hedging demand

What happened next

Building momentum carried gold through the historic $3,000 barrier in March.

For gold buyers

February showed gold working as designed — a hedge against inflation, debt and currency risk, all of which were rising at once.

Feb 3 across the years — 20202023

+19.1% over 3 years
20202023
YearFeb 3 closevs prior
Feb 3, 2023$1,875.40+19.09%View
Feb 3, 2020$1,574.80View
Each row is the verified XAU/USD spot close for Feb 3 of that year. Click any row to open the full daily archive (with country tables for Feb 3, 2020+).