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On this day — May 2, 2020

Akshaya Tritiya: One of the most important gold-buying days in the Hindu calendar — Indian households often buy gold for the day, treating it as auspicious for wealth and prosperity. India's monthly gold imports typically surge 20–40 percent in the month containing Akshaya Tritiya.

Saturday — the international gold market is closed. Most retail jewellery markets, especially in Asia and the Middle East, see peak Saturday foot-traffic and physical trade activity.

Day 123 of 366 · Q2 2020 · 33.6% through the year

May 2020 gold market: Grind higher as real yields sink

Range-bound

A consolidation that held the April breakout.

Gold consolidated its gains in May, trading in the $1,690–$1,750 band. Record-low real yields and a steady expansion of central-bank balance sheets kept a firm floor under prices even as parts of the economy began reopening.

What drove gold in May 2020

  • record-low real yields
  • expanding central-bank balance sheets
  • reopening optimism capping upside
  • steady investment inflows into gold ETFs
Themes#negative real yields#ETF demand#consolidation

Key events in May 2020

  1. May 18Gold pushes toward $1,765 on stimulus and ETF buying

What happened next

May's tight consolidation built the base for the explosive summer rally.

For gold buyers

May was a patience month — gold held its gains rather than extending them, rewarding accumulation over timing.