Gold climbed around $2,430 per ounce on Monday, reaching a new record, after latest US economic data strengthened speculations that the Federal Reserve might deliver at least two rate cuts this year. Last week, data showed signs of slowing US consumer inflation, coupled with stalling retail sales have given the Fed more leeway to initiate monetary easing. Although policymakers haven’t shifted their stance yet about the timing of rate cuts, markets are already betting that the first rate reduction will occur this year. Lower interest rates raise the appeal of non-bearing assets like gold. Meanwhile, investors will take more cues from several Fed officials due to speak later in the day. Additionally, rising geopolitical tensions, including conflicts between Israel and Hamas and the war in Ukraine, also boosted gold prices. Strong central bank buying, particularly by China, seeking to reduce its dependence on the US dollar, further supported the trend.

Gold increased 371.13 USD/t oz. or 17.99% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Gold reached an all time high of 2440.51 in May of 2024. Gold - data, forecasts, historical chart - was last updated on May 20 of 2024.

Gold increased 371.13 USD/t oz. or 17.99% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Gold is expected to trade at 2410.02 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 2483.74 in 12 months time.



Price Day Month Year Date
Gold 2,434.05 19.80 0.82% 4.30% 23.59% May/20
Silver 32.35 0.856 2.72% 18.45% 36.72% May/20
Copper 5.19 0.1376 2.72% 15.90% 40.78% May/20
Steel 3,547.00 -13.00 -0.37% -1.44% -4.45% May/17
Iron Ore 117.02 0.17 0.15% 8.40% 9.09% May/17
Lithium 105,500.00 0 0% -5.38% -55.58% May/16
Platinum 1,098.80 4.30 0.39% 17.87% 2.96% May/20


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.
Actual Previous Highest Lowest Dates Unit Frequency
2433.72 2414.25 2440.51 34.83 1968 - 2024 USD/t oz. Daily