Gold Price OutlookGold prices were volatile in recent weeks, weighed on by both upward and downward price pressures. On 9 February, gold closed the trading day at USD 1,313 per troy ounce, which was up 0.1% from the same day of January. The price was up 6.4% from the same day last year and was 0.8% higher on a year-to-date basis. Gold prices have risen in recent months, largely due to a weak U.S. dollar. Putting upward pressure on prices was a large sell-off in the U.S. stock market, which supported safe-haven demand for gold. On 5 February, U.S. stock markets recorded the worst trading day over six years. In addition, strong jewelry demand from India is adding upward pressure, along with a highly uncertain global backdrop. Moreover, recent data revealed that mine production fell in the first nine months of 2017, in part due to output cuts in China amid environmental concerns. Meanwhile, an expected tightening in global interest rates is limiting gold’s gains. Bank of England Deputy Governor Ben Broadbent commented in February that interest rates could be raised sooner than previously expected and at a quicker pace.
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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