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On this day — May 11, 2022
Wednesday — a normal trading day. FOMC announcements (when scheduled) typically come on Wednesdays at 2 PM ET, often producing intraday gold volatility.
Day 131 of 365 · Q2 2022 · 35.9% through the year
May 2022 gold market: Gold grinds lower toward $1,840
BearishRelentless dollar strength ground gold lower.
Gold drifted down to about $1,840 in May 2022 as the dollar pushed to new multi-decade highs and the Fed delivered a half-point hike. The metal held up better than many risk assets but could not escape the gravitational pull of rising rates.
What drove gold in May 2022
- Fed +50bp hike
- multi-decade-high US dollar
- rising real yields
- risk-asset selloff
Key events in May 2022
- May 4Fed hikes 50bp; dollar strength caps gold
What happened next
An even larger June hike pushed gold and most assets sharply lower.
For gold buyers
May showed gold's relative resilience — falling less than stocks or bonds — even as the rate backdrop turned hostile.