WGC – Gold Market Commentary, May 2024

Gold continued its upward trend in May, gaining 2% to reach US$2,348/oz, hitting an all-time high of US$2,427/oz mid-month before a slight pullback. Market activity was positive overall, with net long managed money positions on COMEX reaching a four-year high and gold ETFs seeing net inflows for the first time since May 2023. Despite no single variable standing out as a key driver in May according to the Gold Return Attribution Model, momentum and a weaker US dollar were noted as positive factors. The unexplained component of the model remained the largest factor, indicating strong over-the-counter buying, including central bank purchases, as significant contributors to recent gold returns.