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On this day — June 29, 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.
Thursday — a normal trading day. Weekly US initial jobless claims publish at 8:30 AM ET on Thursdays, occasionally producing intraday gold movement.
Day 180 of 365 · Q2 2023 · 49.3% 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 29 across the years — 2020 → 2022
| Year | Jun 29 close | vs prior | |
|---|---|---|---|
| Jun 29, 2022 | $1,817.80 | +2.61% | View |
| Jun 29, 2020 | $1,771.60 | — | View |