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On this day — May 9, 2024
Akshaya Tritiya: One of the most important gold-buying days in the Hindu calendar — Indian households often buy gold for the day, treating it as auspicious for wealth and prosperity. India's monthly gold imports typically surge 20–40 percent in the month containing Akshaya Tritiya.
Thursday — a normal trading day. Weekly US initial jobless claims publish at 8:30 AM ET on Thursdays, occasionally producing intraday gold movement.
Day 130 of 366 · Q2 2024 · 35.5% 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 The metal was now firmly in price-discovery mode with few historical reference points.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.