Gold has climbed above the $1,840 level for the first time since February in reaction to a disappointing payroll report which also spooked investors away from the dollar and pushed Treasury yields sharply lower. The US economy added 266K jobs in April of 2021, following a downwardly revised 770K rise in March and well below market expectations of 978K. Such reading heightened the uncertain outlook regarding the US job market recovery and cemented expectations that the US central bank will remain ultra-accommodative until the economy has further recovered. Aside from the economic headlines, the precious metal benefited from safe-haven demand stemming from the ongoing coronavirus crises as infection rates continue to accelerate in India and Japan. As a result, bullion recorded its biggest weekly gain since November, adding 3.5% this week.
Historically, Gold reached an all time high of 2074.88 in August of 2020. Gold - data, forecasts, historical chart - was last updated on May of 2021.
Gold is expected to trade at 1783.37 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 1683.57 in 12 months time.