Gold prices fell below $1,650 an ounce on Friday, the lowest in over two years, remaining under pressure from a strong dollar and surging Treasury yields that reflected expectations for tighter monetary policy and slowing global growth. The US Federal Reserve led a raft of central bank rate hikes this week, delivering its third straight 75 basis point rate increase to bring down inflation. The European Central Bank is also expected to raise rates further, with ECB board member Isabel Schnabel saying Thursday that elevated inflationary pressures in the euro zone are likely to be more persistent than anticipated. Higher interest rates raise the opportunity cost of holding non-yielding bullion, denting its appeal. Gold also lost its shine as a store of value in times of economic uncertainties as the US’ relative economic strength and the Fed’s aggressive stance against inflation lifted the dollar at the expense of other safe-haven assets.

Historically, Gold reached an all time high of 2074.88 in August of 2020. Gold - data, forecasts, historical chart - was last updated on September of 2022.

Gold is expected to trade at 1656.47 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 1601.86 in 12 months time.

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Price Day Month Year
Gold 1,643.26 -27.27 -1.63% -6.15% -6.09%
Silver 18.86 -0.795 -4.05% -1.59% -15.88%
Copper 3.36 -0.1270 -3.63% -7.90% -21.52%
Steel 3,948.00 40.00 1.02% -3.02% -32.06%
Iron Ore 101.00 0.50 0.50% -5.16% -7.34%
Lithium 501,500.00 0 0% 1.83% 203.94%
Platinum 854.00 -46.39 -5.15% -2.60% -13.03%

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.
Actual Previous Highest Lowest Dates Unit Frequency
1643.26 1670.53 2074.88 34.83 1968 - 2022 USD/t oz. Daily