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On this day — June 2, 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 154 of 366 · Q2 2024 · 42.1% through the year
June 2024 gold market: Consolidation after the spring records
Range-boundAn orderly pause after the record-setting spring.
Gold consolidated around $2,320–$2,330 in June 2024 after its torrid spring run, as the Federal Reserve held rates steady and trimmed its projected number of 2024 cuts. The pause was orderly, with central-bank and Asian demand absorbing the profit-taking.
What drove gold in June 2024
- Fed holds rates, projects fewer cuts
- profit-taking after spring records
- steady official-sector demand
- firm dollar
Key events in June 2024
- Jun 12Fed holds and trims its 2024 rate-cut projection; gold steadies
What happened next
Reviving rate-cut hopes drove gold back to records in July.
For gold buyers
June's calm digestion of huge gains signalled a healthy trend rather than an exhausted one.
Jun 2 across the years — 2021 → 2022
| Year | Jun 2 close | vs prior | |
|---|---|---|---|
| Jun 2, 2022 | $1,844.90 | -3.04% | View |
| Jun 2, 2021 | $1,902.80 | — | View |