Gold futures for the August 2024 contract, now the most actively traded, experienced a double-digit decline on the last trading day of May. In New York, the August contract closed at $2,345.60 per troy ounce, down $20.70 or 0.81%. This daily drop contributed to a weekly decline of $11.10 or 0.47%. However, gold still managed to eke out a monthly gain of $21.10 or 0.91% in May.

Gold futures basis the August 2024 contract, which is now the new most active contract had fractional gains today. In New York trading the August contract is currently fixed at $2366.50 after factoring in a gain of $2.40, or 0.10%. Currently, gold futures have resumed trading in Australia fixing the August contract at $2364.40 a $2.10 decline from the closing price in New York.

Gold prices fell sharply on Wednesday, as U.S. dollar gains and climbing Treasury yields sparked concerns over the Federal Reserve's anticipated path of interest rate cuts this year.

The precious metal's decline came ahead of a critical inflation report due on Friday, with investors bracing for potential surprises that could force the Fed to recalibrate its monetary policy outlook.

Gold futures rebounded strongly after last week's price pullback. As of 4:55 PM ET, gold futures for the June 2024 contract surged $27.10, settling at $2,361.80. With the June contract nearing its first notice day, the August 2024 gold futures contract will soon become the most actively traded. Currently, the August 2024 contract is up $27.40, trading at $2,384.30.

The gold futures market experienced a rollercoaster ride this week, reaching historic highs before succumbing to a dramatic selloff. On Monday, the most active June 2024 contract opened at $2,422.20, soared to an intraday high of $2,454.20, and settled at a record-breaking $2,438.50. This momentous achievement, however, was short-lived.

Gold futures experienced a dramatic selloff over the past two trading days, plummeting by more than $88 per ounce, as the release of the Federal Open Market Committee (FOMC) meeting minutes fueled concerns about a more hawkish Federal Reserve.

The release of the Federal Open Market Committee (FOMC) minutes from last month's meeting sent shockwaves through the gold market, triggering a dramatic selloff.

The gold market has been a battleground between bulls and bears, with traders grappling with a complex web of macroeconomic and geopolitical factors. As the precious metal's futures prices touched an intraday low of $2,407.60 per ounce today, some investors seized the opportunity to book profits, while others saw the dip as a chance to fortify their positions.

Gold futures, based on the most active June contract, are currently trading at $2,438.50, up $21.10 or 0.87% for the day. The June contract opened at $2,422.20, reached a high of $2,454.20, and a low of $2,411.10. Gold futures have gained significant value over the past month, considering they were trading at $2,298.20 on Wednesday, May 1.

Gold prices soared to unprecedented heights on Friday, fueled by a confluence of favorable factors. The precious metal pushed through the pivotal $2400 level, with June 2024 futures settling at a record $2419.80, up an impressive $39 or 1.64%. Spot gold followed suit, climbing $41 or 1.78% to an all-time high of $2417.50.