Gold Price OutlookGold prices retreated slightly over the past month as the U.S. economy showed continued strength and the greenback strengthened. On 30 November, gold closed the trading day at USD 1,219 per troy ounce, which was 0.4% lower than on the same day in the previous month. Moreover, the price was down 6.5% on a year-to-date basis, primarily due to price falls through April to August, and was 4.7% lower than on the same day in 2017. The downtick in prices through November came largely on the back of solid macroeconomic data in the United States, with GDP growth confirmed at robust levels in the third quarter and monthly indicators pointing to continued momentum through the fourth quarter, albeit slightly moderated compared to previous quarters. Moreover, the Fed remains on track for a widely-expected rate hike in December, as per its Open Market Committee statement released on 8 November, which would support a dollar that has already found some uplift in recent weeks. Broadly speaking, higher Fed rates tend to weigh on gold, as it provides no yield, while a stronger dollar makes the precious metal more expensive for users of other currencies.
Gold Price History Data (USD per troy ounce, aop)
Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
Gold Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
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