Gold Prices

Gold prices averaged USD 2,894 per troy ounce in February, up 6.9% from January. On 28 February, the commodity traded at USD 2,851 per troy ounce, up 1.5% from 31 January.

Heightened fears of trade wars amid rising U.S. protectionism under President Trump underpinned February’s upturn in gold prices: Safe-haven and U.S. demand surged, the USD depreciated against a basket of currencies and treasury bond yields fell in February vs January. Moreover, the Bank of China added to its gold reserves, aiding the price rally. Still, gold prices dipped toward the end of February as investors booked profits after the metal hit a new all-time high of USD 2,943 per troy ounce on 24 February.