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On this day — May 18, 2024
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.
Saturday — the international gold market is closed. Most retail jewellery markets, especially in Asia and the Middle East, see peak Saturday foot-traffic and physical trade activity.
Day 139 of 366 · Q2 2024 · 38.0% 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 The metal was now firmly in price-discovery mode with few historical reference points.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.