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On this day — May 19, 2023
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 139 of 365 · Q2 2023 · 38.1% through the year
May 2023 gold market: Record attempt fades on debt-ceiling resolution
VolatileA near-record spike that faded as the debt-ceiling risk cleared.
Gold pushed to near $2,050 in early May amid US debt-ceiling brinkmanship and banking jitters, briefly approaching its record. As a debt-ceiling deal took shape and the Fed stayed hawkish, the metal pulled back toward $1,960.
What drove gold in May 2023
- US debt-ceiling standoff
- lingering regional-bank stress
- still-hawkish Fed
- dollar resilience
Key events in May 2023
- May 4Gold spikes near $2,050 on debt-ceiling and bank fears
What happened next
With the debt deal done, gold drifted lower through the summer on higher-for-longer rates.
For gold buyers
May's failed record attempt showed that, absent an actual crisis, the Fed's higher-for-longer stance still capped gold.
May 19 across the years — 2020 → 2021
| Year | May 19 close | vs prior | |
|---|---|---|---|
| May 19, 2021 | $1,888.50 | +8.66% | View |
| May 19, 2020 | $1,738.00 | — | View |