Gold prices steadied around $1,790 an ounce on Friday and were on track for a fourth straight weekly rise, underpinned by a sharp retreat in the dollar following the release of lower-than-expected US inflation numbers for July. This has prompted expectations that the Federal Reserve will tighten less aggressively, with markets now pricing in a higher chance of a 50-basis point rate hike in September versus earlier speculations of a 75-basis point increase. Safe-haven demand for the metal also jumped recently due to simmering geopolitical tensions between China and the US over Taiwan and a highly uncertain global economic outlook. Meanwhile, investors remained cautious as US policymakers indicated their commitment to keep raising interest rates until they see compelling evidence that inflation sustainably declines.

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

Gold is expected to trade at 1794.58 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 1854.93 in 12 months time.

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Gold



Price Day Month Year
Gold 1,797.39 7.94 0.44% 3.58% 1.03%
Silver 20.54 0.251 1.24% 7.05% -13.47%
Copper 3.66 -0.0518 -1.40% 10.04% -16.60%
Steel 4,135.00 42.00 1.03% 5.22% -22.61%
Iron Ore 113.50 2.00 1.79% 5.58% -31.00%
Lithium 477,500.00 0 0% 0.42% 382.32%
Platinum 957.49 1.48 0.15% 12.01% -6.72%


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
1795.32 1789.45 2074.88 34.83 1968 - 2022 USD/t oz. Daily