Gold fragments on a balance scale

Gold Price Outlook

Gold prices continued to climb in January and early February on the back of a dovish Fed and rising concerns over the global economy stoking safe-haven demand. On 8 February, gold closed the trading day at USD 1,314 per troy ounce, which was 2.3% higher than on the same day in the previous month. Moreover, the price was up 2.6% on a year-to-date basis, but was 0.1% lower than on the same day in 2018. The rally in gold prices in recent weeks was largely supported by disappointing global macroeconomic data, particularly the noticeable slowdown in China and in the Eurozone, coupled with heightened political uncertainty related to Brexit and the recent U.S. government shutdown in January. All of these factors, reflected by lower global growth forecasts from the IMF in January, contributed to greater safe-haven demand for the precious metal. In addition, the U.S. Federal Reserve, which turned more dovish in December, confirmed a halt to its monetary tightening in January, putting downward pressure on the dollar and buttressing gold prices. Indeed, higher Fed rates tend to weigh on gold as it provides no yield, while conversely a more dovish Fed is generally good news for those bullish on the metal. Furthermore, a comparatively weaker dollar makes the gold bullion cheaper for buyers using other currencies.

Gold Price History Data (USD per troy ounce, aop)

2013  2014  2015  2016  2017  2018  
Gold1411.71  1111.83  1159.8  1248.54  1258.46  1269.41  

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Price forecasts and historical data for Energy, Metals and Agricultural Commodities.

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Gold Historical Price Chart


Gold historical price chart
Note: London Bullion Market Association (LBMA) Gold, prices in USD per troy ounce (toz). Daily prices.

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Price forecasts and historical data for Energy, Metals and Agricultural Commodities

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