Black Gold went into the 1924 running of the Derby as the favorite. In 1924, the Kentucky Derby was fifty years old and was therefore celebrated as the "Golden Jubilee Derby." It was the first time a golden cup was presented to the winner and the first time "My Old Kentucky Home" was played before the race. Black Gold won it with a rough trip against strong competition in the last seventy yards. Ridden by J.D. Mooney, he was bumped and was forced to check, but recovered. Racing four and five wide, Black Gold overtook Chilhowee to win.