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On this day — July 29, 2024
Monday — typically a high-volume trading day as markets digest weekend news. Asian gold imports often see Monday surges in major demand countries.
Day 211 of 366 · Q3 2024 · 57.7% 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 29 across the years — 2020 → 2023
| Year | Jul 29 close | vs prior | |
|---|---|---|---|
| Jul 29, 2023 | $1,954.25 | +11.45% | View |
| Jul 29, 2022 | $1,753.40 | -10.12% | View |
| Jul 29, 2020 | $1,950.90 | — | View |