Gold Price in May 2004
In May 2004, gold rose 1.8%, from $387.00 at the end of April to $394.00 per troy ounce on May 28, 2004. The highest close was $394.90 on May 27, 2004, the lowest $374.80 on May 13, 2004, and the average over 20 trading days was $383.77. Today's price is 883.9% higher than the May 2004 close.
Gold ended May higher. What usually happens in June after a higher May →
- Gold rose 1.8% in US dollars in May 2004, leaving it down 5.2% for the year to date.
- Measured in other currencies, the change ranged from −5.2% in ZAR to +4.1% in INR, because exchange rates moved too.
- It did better than silver (+0.4%) and US stocks (+1.4%).
- It closed higher on 10 trading days and lower on 8, with an average daily move of 0.83%.
- At the end of the month it was 7.9% below its highest close since 2000.
- Gold/silver ratio: 63.7 → 64.5.
Gold price chart, May 2004
US dollars per troy ounce · daily closeGold in other currencies, May 2004
| Currency | Change in the month |
|---|---|
| INR | +4.1% |
| PKR | +2.2% |
| CNY | +1.8% |
| EGP | +1.6% |
| JPY | +1.4% |
| CAD | +1.2% |
| EUR | −0.1% |
| GBP | −1.2% |
| CHF | −1.5% |
| ZAR | −5.2% |
Price in each currency at each day's exchange rate, previous month-end to this month-end. A weaker currency makes gold rise more in local terms.
Gold vs other assets, May 2004
| Asset | Change (USD) |
|---|---|
| Gold | +1.8% |
| Silver | +0.4% |
| S&P 500 (with dividends) | +1.4% |
| US inflation (CPI, month) | +0.59% |
| Gold, year to date (end of May) | −5.2% |
| Gold/silver ratio | 63.7 → 64.5 |
Month-end to month-end. US CPI is the official monthly index (not seasonally adjusted), published the following month.
Daily Gold Prices, May 2004
Closing price for every trading day, with the same price in INR and AED at that day's exchange rate.
| Date | Close (USD per oz) | Change | USD per gram | 24K India, ₹ per 10 g | 24K UAE, AED per gram |
|---|---|---|---|---|---|
| May 3Mon | $387.00 | 0.00% | $12.44 | ₹5,570 | AED 45.69 |
| May 4Tue | $391.40 | +1.14% | $12.58 | ₹5,608 | AED 46.21 |
| May 5Wed | $393.40 | +0.51% | $12.65 | ₹5,640 | AED 46.44 |
| May 6Thu | $388.00 | −1.37% | $12.47 | ₹5,555 | AED 45.81 |
| May 7Fri | $378.70 | −2.40% | $12.18 | ₹5,422 | AED 44.71 |
| May 10Mon | $378.30 | −0.11% | $12.16 | ₹5,494 | AED 44.66 |
| May 11Tue | $376.90 | −0.37% | $12.12 | ₹5,491 | AED 44.50 |
| May 12Wed | $377.40 | +0.13% | $12.13 | ₹5,480 | AED 44.55 |
| May 13Thu | $374.80 | −0.69% | $12.05 | ₹5,468 | AED 44.24 |
| May 14Fri | $377.00 | +0.59% | $12.12 | ₹5,500 | AED 44.50 |
| May 17Mon | $379.50 | +0.66% | $12.20 | ₹5,533 | AED 44.80 |
| May 18Tue | $375.80 | −0.97% | $12.08 | ₹5,446 | AED 44.37 |
| May 19Wed | $382.90 | +1.89% | $12.31 | ₹5,554 | AED 45.20 |
| May 20Thu | $378.40 | −1.18% | $12.17 | ₹5,498 | AED 44.67 |
| May 21Fri | $384.80 | +1.69% | $12.37 | ₹5,591 | AED 45.43 |
| May 24Mon | $385.60 | +0.21% | $12.40 | ₹5,613 | AED 45.52 |
| May 25Tue | $388.30 | +0.70% | $12.48 | ₹5,651 | AED 45.84 |
| May 26Wed | $388.30 | 0.00% | $12.48 | ₹5,654 | AED 45.84 |
| May 27Thu | $394.90 | +1.70% | $12.70 | ₹5,750 | AED 46.62 |
| May 28Fri | $394.00 | −0.23% | $12.67 | ₹5,737 | AED 46.51 |
How May usually goes for gold
In the 20 years from 2006 to 2025, gold rose in May 9 times out of 20, with an average move of −0.2% and a median of −1.1%. Every May since 1971 →
Gold in May 2004: FAQ
What was the price of gold in May 2004?
Gold traded between $374.80 and $394.90 per troy ounce (daily closes) in May 2004, averaging $383.77. It closed the month at $394.00.
How much did gold go up in May 2004?
Gold rose 1.8%, from $387.00 to $394.00. The biggest daily rise was +1.9% on May 19, 2004 and the biggest fall −2.4% on May 7, 2004.
What was the gold price on May 3, 2004?
Gold closed at $387.00 per troy ounce on May 3, 2004, the first trading day of the month. 24K India, ₹ per 10 g: ₹5,570.
Is May usually a good month for gold?
In the 20 years from 2006 to 2025, gold rose in May 9 times out of 20, with an average move of −0.2% and a median of −1.1%. Past seasonal patterns are not a reliable guide to any single year.
How much did gold change in rupees in May 2004?
Gold rose 4.1% in Indian rupee terms in May 2004, compared with +1.8% in US dollars.
Did gold beat stocks in May 2004?
Yes. Gold was +1.8% for the month, against +1.4% for the S&P 500 with dividends.
Did gold keep up with inflation in May 2004?
US consumer prices (CPI) changed +0.59% in May, so gold's real (inflation-adjusted) change was about +1.2%.
Cite this page
For essays, articles and research. Prices on this page update daily, so the citations include today's date as the date you accessed it.
@misc{corgano2026goldpriceinmay, author = {{Corgano}}, title = {Gold Price in May 2004}, howpublished = {\url{https://goldprice.corgano.com/gold-price-history/2004/may}}, year = {2026}, note = {Corgano Gold Price, accessed 2026-10-31}}