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On this day — May 6, 2024
Monday — typically a high-volume trading day as markets digest weekend news. Asian gold imports often see Monday surges in major demand countries.
Day 127 of 366 · Q2 2024 · 34.7% through the year
May 2024 gold market: Fresh record near $2,450
BullishAnother record as gold entered open-ended price discovery.
Gold set another record around $2,450 in May, supported by softening US data, renewed rate-cut hopes, and continued central-bank and Asian demand. The metal was now firmly in price-discovery mode with few historical reference points.
What drove gold in May 2024
- softening US economic data
- rate-cut hopes rebuilding
- central-bank and Asian demand
- price discovery above all prior records
Key events in May 2024
- May 20Gold prints a record near $2,450/oz
What happened next
After a summer consolidation, gold cleared $2,500 in August.
For gold buyers
May's record near $2,450 rewarded conviction holders; with no overhead resistance, the trend remained a buyer's friend.
May 6 across the years — 2020 → 2022
| Year | May 6 close | vs prior | |
|---|---|---|---|
| May 6, 2022 | $1,882.40 | +3.82% | View |
| May 6, 2021 | $1,813.20 | +7.19% | View |
| May 6, 2020 | $1,691.50 | — | View |