Gold weakened toward $1,800 an ounce on Friday, hovering at its lowest levels in nearly seven weeks as a strong dollar continued to dampen bullion demand, while a broad selloff in risk assets forced investors to liquidate gold positions to offset losses in other holdings. The dollar is on track to gain markedly against a basket of other major currencies as the Federal Reserve led a global wave of aggressive monetary tightening to combat surging inflation. Fed policymakers indicated this week a strong commitment to bringing down inflation even at the risk of a recession, signaling another 75 basis point rate increase in July. Although gold is widely considered as a hedge against inflation and economic uncertainties, higher interest rates raise the opportunity cost of holding non-yielding bullion.

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

Gold is expected to trade at 1866.17 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 1907.08 in 12 months time.

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Price Day Month Year
Gold 1,810.18 3.29 0.18% -3.10% 1.31%
Silver 19.87 -0.377 -1.86% -10.82% -24.91%
Copper 3.62 -0.0955 -2.57% -20.51% -15.48%
Steel 4,500.00 -1.00 -0.02% 0.78% -8.31%
Iron Ore 118.00 -4.50 -3.67% -17.48% -45.75%
Lithium 475,500.00 0 0% 1.49% 434.27%
Platinum 889.00 -4.85 -0.54% -13.06% -18.44%

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
1810.18 1806.89 2074.88 34.83 1968 - 2022 USD/t oz. Daily