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On this day — June 2, 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 153 of 365 · Q2 2023 · 41.9% through the year
June 2023 gold market: Higher-for-longer rates weigh
BearishA hawkish 'skip' and resilient economy pressured gold.
Gold eased toward $1,920 in June as the Federal Reserve 'skipped' a hike but signalled more tightening ahead, and a resilient US economy pushed back rate-cut bets. Rising real yields gradually sapped the metal's momentum.
What drove gold in June 2023
- Fed pause but hawkish guidance
- resilient US economy
- rising real yields
- firm dollar
Key events in June 2023
- Jun 14Fed holds but projects more hikes; gold softens
What happened next
A cooler inflation print briefly revived gold in July before yields surged again.
For gold buyers
June marked the start of a summer grind lower as the market accepted that rate cuts were further off than hoped.
Jun 2 across the years — 2021 → 2022
| Year | Jun 2 close | vs prior | |
|---|---|---|---|
| Jun 2, 2022 | $1,844.90 | -3.04% | View |
| Jun 2, 2021 | $1,902.80 | — | View |