Gold Price in May 2023
In May 2023, gold fell 1.8%, from $1,999.10 at the end of April to $1,963.90 per troy ounce on May 31, 2023. The highest close was $2,055.70 on May 4, 2023, the lowest $1,943.70 on May 25, 2023, and the average over 22 trading days was $1,997.94. Today's price is 97.4% higher than the May 2023 close.
Gold ended May lower. What usually happens in June after a lower May →
- Gold fell 1.8% in US dollars in May 2023, leaving it up 7.5% for the year to date.
- Measured in other currencies, the change ranged from −2.0% in CAD to +5.9% in ZAR, because exchange rates moved too.
- It did better than silver (−6.1%) and bitcoin (−7.0%), and worse than US stocks (+0.4%).
- It closed higher on 10 trading days and lower on 12, with an average daily move of 0.65%.
- At the end of the month it was 5.1% below its highest close since 2000.
- Gold/silver ratio: 80.0 → 83.7.
- The biggest reaction to a scheduled US release was to the Fed rate decision on 3 May: +1.6% over two sessions.
Gold price chart, May 2023
US dollars per troy ounce · daily closeGold in other currencies, May 2023
| Currency | Change in the month |
|---|---|
| ZAR | +5.9% |
| TRY | +5.1% |
| JPY | +2.1% |
| EUR | +1.3% |
| CNY | +0.9% |
| AUD | +0.1% |
| CHF | 0.0% |
| INR | −0.7% |
| PKR | −1.2% |
| GBP | −1.4% |
| EGP | −1.8% |
| CAD | −2.0% |
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 2023
| Asset | Change (USD) |
|---|---|
| Gold | −1.8% |
| Silver | −6.1% |
| Bitcoin | −7.0% |
| S&P 500 (with dividends) | +0.4% |
| US inflation (CPI, month) | +0.25% |
| Gold, year to date (end of May) | +7.5% |
| Gold/silver ratio | 80.0 → 83.7 |
Month-end to month-end. US CPI is the official monthly index (not seasonally adjusted), published the following month.
The Fed and US Data in May 2023
Scheduled US releases this month and how gold moved. For Fed decisions the move covers two sessions, because the statement comes after the gold futures settle.
| Date | Release | Result | Gold |
|---|---|---|---|
| Wed 3 May | Fed rate decision | Raised 25 bp (5.00–5.25%) | +1.6% |
| Fri 5 May | Jobs report (April 2023) | — | −1.5% |
| Wed 10 May | CPI inflation (April 2023) | — | −0.3% |
Daily Gold Prices, May 2023
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 1Mon | $1,992.20 | −0.35% | $64.05 | ₹52,377 | AED 235.16 |
| May 2Tue | $2,023.30 | +1.56% | $65.05 | ₹53,198 | AED 238.83 |
| May 3Wed | $2,037.00 | +0.68% | $65.49 | ₹53,559 | AED 240.44 |
| May 4Thu | $2,055.70 | +0.92% | $66.09 | ₹54,008 | AED 242.65 |
| May 5Fri | $2,024.80 | −1.50% | $65.10 | ₹53,196 | AED 239.00 |
| May 8Mon | $2,033.20 | +0.41% | $65.37 | ₹53,463 | AED 239.99 |
| May 9Tue | $2,042.90 | +0.48% | $65.68 | ₹53,927 | AED 241.12 |
| May 10Wed | $2,037.10 | −0.28% | $65.49 | ₹53,653 | AED 240.44 |
| May 11Thu | $2,020.50 | −0.81% | $64.96 | ₹53,333 | AED 238.49 |
| May 12Fri | $2,019.80 | −0.03% | $64.94 | ₹53,314 | AED 238.41 |
| May 15Mon | $2,022.70 | +0.14% | $65.03 | ₹53,499 | AED 238.75 |
| May 16Tue | $1,993.00 | −1.47% | $64.08 | ₹52,732 | AED 235.23 |
| May 17Wed | $1,984.90 | −0.41% | $63.82 | ₹52,616 | AED 234.27 |
| May 18Thu | $1,959.80 | −1.26% | $63.01 | ₹52,124 | AED 231.29 |
| May 19Fri | $1,981.60 | +1.11% | $63.71 | ₹52,704 | AED 233.87 |
| May 22Mon | $1,977.20 | −0.22% | $63.57 | ₹52,651 | AED 233.37 |
| May 23Tue | $1,974.50 | −0.14% | $63.48 | ₹52,620 | AED 233.06 |
| May 24Wed | $1,964.60 | −0.50% | $63.16 | ₹52,245 | AED 231.89 |
| May 25Thu | $1,943.70 | −1.06% | $62.49 | ₹51,707 | AED 229.42 |
| May 26Fri | $1,944.30 | +0.03% | $62.51 | ₹51,723 | AED 229.49 |
| May 30Tue | $1,958.00 | +0.70% | $62.95 | ₹52,050 | AED 231.15 |
| May 31Wed | $1,963.90 | +0.30% | $63.14 | ₹52,197 | AED 231.85 |
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 2023: FAQ
What was the price of gold in May 2023?
Gold traded between $1,943.70 and $2,055.70 per troy ounce (daily closes) in May 2023, averaging $1,997.94. It closed the month at $1,963.90.
How much did gold go down in May 2023?
Gold fell 1.8%, from $1,999.10 to $1,963.90. The biggest daily rise was +1.6% on May 2, 2023 and the biggest fall −1.5% on May 5, 2023.
What was the gold price on May 1, 2023?
Gold closed at $1,992.20 per troy ounce on May 1, 2023, the first trading day of the month. 24K India, ₹ per 10 g: ₹52,377.
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 2023?
Gold fell 0.7% in Indian rupee terms in May 2023, compared with −1.8% in US dollars.
Did gold beat stocks in May 2023?
No. Gold was −1.8% for the month, against +0.4% for the S&P 500 with dividends.
How did gold react to the Fed and US data in May 2023?
Of 3 scheduled US releases this month, the biggest move came after the Fed rate decision on 3 May: +1.6%. The full list with each reaction is on this page.
Did gold keep up with inflation in May 2023?
US consumer prices (CPI) changed +0.25% in May, so gold's real (inflation-adjusted) change was about −2.0%.
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 2023}, howpublished = {\url{https://goldprice.corgano.com/gold-price-history/2023/may}}, year = {2026}, note = {Corgano Gold Price, accessed 2026-10-31}}