Gold lost for the second session to around $1,770 an ounce on the last trading day of November, the lowest on a closing basis since July 2nd. On the month, gold is on track to book a more than 5% loss, the biggest monthly decline since November of 2016 as progress towards an effective coronavirus vaccine and a smooth White House transition dented bullion's safe-haven appeal. Still, a weaker dollar, a slowdown in the US labour market recovery and signs the Fed and the ECB could provide more accommodation if necessary are preventing further losses. Gold is up near 16% so far this year.
Historically, Gold reached an all time high of 2074.88 in August of 2020. Gold - data, forecasts, historical chart - was last updated on December of 2020.
Gold is expected to trade at 1740.34 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 1642.95 in 12 months time.