Performance of Gold during February 2024

By analysing the gold trend for the month of February 2024, Colin Shah, MD, Kama Jewelry said, “The performance of yellow metal has shown a sustained momentum in February, along with a surge witnessed in the last week of the month, owing to global influence of the US Fed rates.

While the gold prices hover around INR 62,000, this gradual progression is building the steam for the prices to scale new-highs, probable cross the INR 70,000 mark down the year.

While there are talks of rate cuts by the US Fed in the near future driven with the larger goal of bringing the rate down to 4% bracket by the end of this year, we foresee gold prices to continue strengthening in the back-drop of global economic events and consumption demands. Domestically too, the higher consumption rate along with a considerable size of population considering gold as an investment asset class, the prices will be overshadowed by the strong demand. Overall, we see the yellow metal prices being bullish throughout the year with the consumption class being strong determinants of the price performance.”

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