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On this day — May 31, 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.

Friday — typically a higher-volatility close to the week. US monthly non-farm payrolls publish on the first Friday of each month at 8:30 AM ET, the single most-watched economic data release for gold.

Day 152 of 366 · Q2 2024 · 41.5% through the year

May 2024 gold market: Fresh record near $2,450

Bullish

Another 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 The metal was now firmly in price-discovery mode with few historical reference points.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
Themes#all-time high#price discovery#central-bank demand

Key events in May 2024

  1. 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 31 across the years — 20212022

-3.2% over 1 years
20212022
YearMay 31 closevs prior
May 31, 2022$1,838.70-3.23%View
May 31, 2021$1,900.00View
Each row is the verified XAU/USD spot close for May 31 of that year. Click any row to open the full daily archive (with country tables for May 31, 2021+).