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On this day — July 28, 2024
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 210 of 366 · Q3 2024 · 57.4% 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 28 across the years — 2020 → 2021
| Year | Jul 28 close | vs prior | |
|---|---|---|---|
| Jul 28, 2021 | $1,796.60 | -7.43% | View |
| Jul 28, 2020 | $1,940.90 | — | View |