Gold traded around $1,825 an ounce on Friday and was set to decline for the second straight week, as expectations that major central banks will continue to aggressively raise interest rates to target runaway inflation weighed on bullion demand. Federal Reserve Chair Jerome Powell, in a testimony to Congress on Thursday, reiterated that his commitment to reining in 40-year high inflation is “unconditional,” even as he acknowledged that sharply higher interest rates may push up unemployment. Fed Governor Michelle Bowman also backed raising interest rates by 75 basis points again in July and following that with a few more half-point rate hikes. Gold is often viewed as a hedge against inflation and a safe haven asset during economic crises, but 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 June of 2022.

Gold is expected to trade at 1859.40 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 1920.83 in 12 months time.

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Gold



Price Day Month Year
Gold 1,826.18 3.75 0.21% -1.44% 2.57%
Silver 21.11 0.175 0.84% -3.91% -19.04%
Copper 3.76 0.0040 0.11% -11.67% -12.40%
Steel 4,301.00 12.00 0.28% -7.01% -12.39%
Iron Ore 116.50 -0.50 -0.43% -10.38% -47.05%
Lithium 477,500.00 0 0% 4.14% 436.52%
Platinum 907.50 0.75 0.08% -3.83% -18.32%


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
1826.18 1822.43 2074.88 34.83 1968 - 2022 USD/t oz. Daily