Gold Price OutlookGold prices dropped throughout the beginning of July, falling to a one-year low on 17 July. Although gold prices regained some lost ground in the following days, they remained notably below the highs observed in the first quarter of the year. On 3 August, gold closed the trading day at USD 1,220 per troy ounce, which was down 2.8% from the same day in the previous month and was 6.4% lower on a year-to-date basis. In addition, August’s price was down 3.9% from the same day in 2017. The recent downward momentum in gold prices has been largely driven by monetary policy tightening in the U.S., as well as by a firm U.S. dollar. At its 31 July–1 August meeting, the Federal Reserve held interest rates unchanged, as widely expected, and struck a positive tone towards the U.S. economy, suggesting a rate hike is on the cards in September. Higher interest rates in the U.S. reduces investor demand for gold, as it is not a yield-bearing asset. In addition, weak gold demand has also been putting downward pressure on prices. Recent data revealed that demand for gold from major buyer India dropped notably in the second quarter.
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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