The Joint Typhoon Warning Center (JTWC) estimated peak winds of 295 km/h (183 mph) and a minimum barometric pressure of 872 mb (25.8 inHg).

However, the Japan Meteorological Agency (JMA), which is the official warning center in the western Pacific, estimated winds of 205 km/h (127 mph), with a pressure of 900 mbar (27 inHg).

Further north, high waves from the typhoon destroyed a house on Saipan, and heavy rainfall in Okinawa, Japan, caused flooding and power outages.

The origins of Typhoon Gay were from a tropical disturbance east of the International Date Line along a monsoon trough that extended west to the South China Sea in mid-November 1992.

Owing to favorable sea surface temperatures and upper-level wind patterns, the storm entered a phase of rapid deepening similar to other November typhoons near that location.

In the 24 hours after Gay reached its peak intensity, the JTWC estimated that the winds had decreased by 65 km/h (40 mph) to below super typhoon status; such rapid weakening is uncommon for a storm over open waters.

Tropical cyclone forecast models had anticipated Gay to make a turn to the north and northeast, but it maintained a west-northwest track toward Guam.

Gay subsequently slowed while moving along the western periphery of the subtropical ridge, and it turned north while gradually weakening.

Further south, the Marshall Islands capital city of Majuro experienced lightning strikes from the typhoon, which caused an island-wide power outage and cuts to the water supply and radio communication.

The typhoon left over 5,000 people homeless across the country, but there were no native deaths and only one injury in the archipelago owing to well-executed warnings and preparations.

Extensive preparations were made, including the sending of ships to mitigate damage[2] and flying United States Air Force planes to other bases in the region.

[9] As a result of its weakening, Gay had a disrupted inner-core with little precipitation, which prompted the JTWC to label it as a "dry typhoon"; rainfall totals on the island ranged from only 40–90 mm (1.6–3.5 in).

Majority of the local dicots withered and lost their leaves within two days after the storm, while other plants such as palms, cycads and gymnosperms retained their foliage but turned brown.

The surge reached 3.4 m (11 ft) on Cabras Island in northern Guam, washing sand and water onto coastal roads and breaking a boat from its moorings.

On Saipan to its north, the storm surge destroyed one house and threatened the foundation of several others; twelve families required rescue by emergency workers.

[18] A research paper published ten years after the storm suggested that Gay could have been stronger than Typhoon Tip, which attained the lowest barometric pressure ever recorded.

While at its peak intensity, Gay registered a rating of 8.0 for nine consecutive hours using the Dvorak technique, indicating sustained wind speeds of at least (315 km/h (196 mph).