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On this day — June 27, 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.
Thursday — a normal trading day. Weekly US initial jobless claims publish at 8:30 AM ET on Thursdays, occasionally producing intraday gold movement.
Day 179 of 366 · Q2 2024 · 48.9% 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 27 across the years — 2020 → 2021
| Year | Jun 27 close | vs prior | |
|---|---|---|---|
| Jun 27, 2021 | $1,785.83 | +2.19% | View |
| Jun 27, 2020 | $1,747.60 | — | View |