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On this day — June 19, 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.
Sunday — the international gold market is closed. Spot quotes carry forward from the prior Friday close. Retail rates in jewellery markets may differ slightly based on local Sunday hours.
Day 170 of 365 · Q2 2022 · 46.6% through the year
June 2022 gold market: Biggest Fed hike since 1994 weighs on gold
BearishAggressive tightening and a strong dollar dragged gold down.
Gold drifted lower to around $1,820 in June as the Federal Reserve delivered a 0.75-point hike — its largest since 1994 — and the dollar strengthened. Rising real yields steadily eroded gold's appeal even as recession fears built.
What drove gold in June 2022
- Fed +75bp (Jun 15)
- surging US dollar
- rising real yields
- building recession fears
Key events in June 2022
- Jun 15Fed hikes 75bp, its largest move since 1994
What happened next
The relentless hikes pushed gold below $1,700 in July and toward its lows by September.
For gold buyers
June underscored that aggressive rate hikes, not inflation alone, were driving gold — and the hikes were winning.