Gold Price OutlookGold prices rallied through most of October before retreating by the beginning of November. On 2 November, gold closed the trading day at USD 1,231 per troy ounce, which was up 2.0% from the same day in the previous month. However, the price was 5.5% lower on a year-to-date basis after having fallen steadily from April to August and was down 3.5% from the same day in 2017. The price gains realized throughout October came largely on the back of increased market volatility, with every major U.S. stock market index posting month-on-month declines, which boosted demand for gold as a safe-haven asset. Some of the market demand for gold in recent weeks has also likely been fueled by investors wanting to hedge their positions ahead of the U.S. midterm elections, while the upcoming festival season in India should have further supported demand for the precious metal. However, a string of positive U.S. economic data—such as the Q3 GDP release and October’s strong payroll gains—coupled with the strengthening of the dollar and a rebound in equity markets partially reversed the gold price rally by the end of the month.
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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