Gold Price OutlookGold prices climbed to a 11-month high in mid-February before sharply pulling back on reports of progress in U.S-China trade talks. On 8 March, gold closed the trading day at USD 1,298 per troy ounce, which was 1.2% lower than on the same day in the previous month. The price was up 1.3% on a year-to-date basis, but was 1.8% lower than on the same day in 2018. The price of bullion was initially buttressed in February by a slew of disappointing macroeconomic data indicating a global slowdown, and geopolitical uncertainties surrounding Brexit and the U.S.-China trade war. However, after peaking on 20 February, prices fell back to their January levels by early March. This was due to several events. First among them, expectations of a meeting between Trump and Xi to finalize a trade deal by the end of March stoked risk appetite—though the meeting has since then been postponed. Second, U.K. PM Theresa May delayed the key Brexit vote and is now expected to request a three-month extension, also reducing safe-haven demand. Finally, a large downward revision to the ECB’s Eurozone growth forecast for 2019 and a lower growth target in China buttressed the dollar, making gold pricier for international buyers and weighing on demand.
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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