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On this day — July 6, 2024
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 188 of 366 · Q3 2024 · 51.4% through the year
July 2024 gold market: Fresh records on reviving rate-cut hopes
BullishSofter inflation and rate-cut hopes drove fresh records.
Gold pushed to new record highs toward $2,480 in late July 2024 as a softer US inflation print revived expectations that the Fed would soon cut rates. A weaker dollar and safe-haven demand amid US political uncertainty added to the momentum.
What drove gold in July 2024
- softer US June CPI
- reviving Fed rate-cut bets
- weaker dollar
- US political uncertainty
Key events in July 2024
- Jul 17Gold sets a record near $2,480 on rate-cut optimism
What happened next
Momentum carried gold to its first close above $2,500 in August.
For gold buyers
July confirmed the dips were for buying — each cooler inflation print sent gold to new highs.
Jul 6 across the years — 2020 → 2022
| Year | Jul 6 close | vs prior | |
|---|---|---|---|
| Jul 6, 2022 | $1,754.30 | -3.07% | View |
| Jul 6, 2021 | $1,809.90 | +1.23% | View |
| Jul 6, 2020 | $1,787.90 | — | View |