Gold Price OutlookGold prices floundered in recent weeks, erasing the gains made in August and September. On 6 October, gold closed the trading day at USD 1,272 per troy ounce, which was down 5.2% from the same day last month. However, the price was up 1.6% from the same day last year. the price was 9.9% higher on a year-to-date basis highlighting that gold prices have risen strongly in 2017 largely due to geopolitical uncertainty. The recent pull back in gold prices has largely been driven by positive developments in the United States. U.S. stock markets rose sharply at the start of October, touching record highs and eroding gold’s attractiveness as an investment. In addition, the U.S. dollar gained ground, putting further pressure on gold prices, while shifting expectations over the path of U.S. interest rates are also at play. In September, Federal Reserve Chair Janet Yellen stated that policymakers should be wary of hiking interest rates “too gradually”, hinting that the Fed could hike rates even in the face of low inflationary pressure. On top of this, the U.S. political scene calmed somewhat as lawmakers took the first steps towards passing a tax reform and reached a deal to keep the government funded in the past month, after months of standstill on policy initiatives.
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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