Goldify Pro
Live Gold Rates & Tools
On this day — June 26, 2020
Western wedding season: Western (especially US and European) gold and platinum jewellery demand peaks in May, June and December — combined wedding and gift seasons. US jewellery sales typically see 30–50 percent surges in these months.
Friday — typically a higher-volatility close to the week. US monthly non-farm payrolls publish on the first Friday of each month at 8:30 AM ET, the single most-watched economic data release for gold.
Day 178 of 366 · Q2 2020 · 48.6% through the year
June 2020 gold market: Quiet strength near multi-year highs
BullishEight-year highs on record institutional ETF demand.
Gold firmed to around $1,780 in June as a feared second COVID wave and dovish Fed guidance offset improving economic data. Gold ETFs saw record inflows for the year as institutional investors added the metal as portfolio insurance.
What drove gold in June 2020
- dovish Fed guidance
- second-wave COVID fears
- record gold-ETF inflows
- weakening US dollar
Key events in June 2020
- Jun 23Gold reaches ~$1,780, an eight-year high
What happened next
Record ETF inflows in June were the fuel for July's breakout above $1,900.
For gold buyers
June's steadiness near eight-year highs signalled that the rally had broad institutional backing, not just speculative froth.