In May, gold posted its third consecutive monthly gain, rising by 2% to $2,348/oz and reaching a record high of $2,427/oz before pulling back due to profit-taking. Despite moderate gains, market activity remained supportive with high net long positions on COMEX and significant inflows into gold ETFs. While no single variable dominated, factors like momentum and a weaker US dollar contributed marginally, with strong over-the-counter buying, including central bank purchases, playing a significant role. Looking ahead, a potential peak in the US dollar could further benefit gold.