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On this day — August 5, 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 218 of 366 · Q3 2024 · 59.6% through the year
August 2024 gold market: Gold closes above $2,500 for the first time
BullishA first close above $2,500 on imminent Fed easing.
Gold cleared $2,500 on a closing basis for the first time in August as the Federal Reserve signalled that rate cuts were imminent and the dollar softened. The psychological milestone underscored just how far the 2024 bull run had travelled.
What drove gold in August 2024
- Fed signalling imminent cuts (Jackson Hole)
- softening dollar
- falling real yields
- sustained official-sector demand
Key events in August 2024
- Aug 16Gold closes above $2,500 for the first time
- Aug 23Fed's Powell signals cuts at Jackson Hole
What happened next
September's actual rate cut sent gold sprinting past $2,600.
For gold buyers
Crossing $2,500 confirmed the trend was accelerating, not exhausting — momentum buyers were still being rewarded.
Aug 5 across the years — 2020 → 2023
| Year | Aug 5 close | vs prior | |
|---|---|---|---|
| Aug 5, 2023 | $1,942.45 | +9.54% | View |
| Aug 5, 2022 | $1,773.30 | -1.53% | View |
| Aug 5, 2021 | $1,800.80 | -12.08% | View |
| Aug 5, 2020 | $2,048.20 | — | View |