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On this day — May 19, 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.
Sunday — the international gold market is closed. Spot quotes carry forward from the prior Friday close. Retail rates in jewellery markets may differ slightly based on local Sunday hours.
Day 140 of 366 · Q2 2024 · 38.3% 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 The metal was now firmly in price-discovery mode with few historical reference points.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.