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On this day — May 24, 2022
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.
Tuesday — a normal trading day. Tuesday is also when the CFTC publishes Commitments of Traders data for the prior week, often producing intraday movement.
Day 144 of 365 · Q2 2022 · 39.5% 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.
May 24 across the years — 2020 → 2021
| Year | May 24 close | vs prior | |
|---|---|---|---|
| May 24, 2021 | $1,880.20 | +8.33% | View |
| May 24, 2020 | $1,735.63 | — | View |