Gold extended losses below the key psychological level of $1800 per ounce on Tuesday, the lowest in near four weeks and following a more than 2% drop the day before, as Federal Reserve chairman Jerome Powell’s reappointment pushed the dollar to fresh 16-month highs and bond yields closer to 1-month highs. The outlook for US interest rates is becoming increasingly hawkish, with at least three Fed officials openly discussing a faster pace of stimulus tapering. Gold previously gained as investors hedged inflation risks and sought safe-haven assets amid economic and policy outlook uncertainties. Higher interest rates dull bullion’s appeal increasing the opportunity cost of holding the non-yielding metal while a stronger dollar makes it more expensive for buyers with other currencies.

Historically, Gold reached an all time high of 2074.88 in August of 2020. Gold - data, forecasts, historical chart - was last updated on November of 2021.

Gold is expected to trade at 1866.03 USD/t oz. by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1930.61 in 12 months time.

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Gold


Price Day Month Year
Gold 1,794.70 -10.34 -0.57% -0.71% -0.71%
Silver 23.78 -0.382 -1.58% -3.12% 2.29%
Copper 4.42 0.0365 0.83% -2.93% 33.07%
Steel 4,301.00 -12.00 -0.28% -13.46% 5.65%
Iron Ore 90.50 4.00 4.62% -21.98% -28.74%
Lithium 197,500.00 0 0% 6.47% 406.41%
Platinum 995.47 -16.03 -1.59% -5.88% 3.57%


Gold
Gold is mostly traded on the OTC London market, the US futures market (COMEX) and the Shanghai Gold Exchange (SGE). The standard future contract is 100 troy ounces. Gold is an attractive investment during periods of political and economic uncertainty. Half of the gold consumption in the world is in jewelry, 40% in investments, and 10% in industry. The biggest producers of gold are China, Australia, United States, South Africa, Russia, Peru and Indonesia. The biggest consumers of gold jewelry are India, China, United States, Turkey, Saudi Arabia, Russia and UAE. The gold prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our gold prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.