Gold strengthened above $1,940 an ounce on Thursday, underpinned by weaker-than-expected US economic data which bolstered bets on the end of interest rate hikes from the Federal Reserve. A lower dollar and US Treasury yields also lifted the metal to one-month highs. The latest releases showed the world's largest economy expanded less than projected in the second quarter, while private job growth eased to the 5-month low. On the other hand, German inflation moderated only slightly, and Spain's inflation picked up, supporting the case for more tightening from the ECB. Investors now await the US PCE price index, the Fed-preferred inflation gauge due on Thursday and nonfarm payrolls on Friday for further clues on the monetary policy.

Historically, Gold reached an all time high of 2074.88 in August of 2020. Gold - data, forecasts, historical chart - was last updated on August of 2023.

Gold is expected to trade at 1937.13 USD/t oz. by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2007.76 in 12 months time.

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Gold



Price Day Month Year Date
Gold 1,945.42 3.18 0.16% 0.07% 14.70% Aug/31
Silver 24.57 -0.081 -0.33% 0.98% 37.64% Aug/31
Copper 3.76 -0.0204 -0.54% -3.68% 10.37% Aug/31
Steel 3,736.00 43.00 1.16% -1.03% -4.23% Aug/31
Iron Ore 117.50 2.00 1.73% 5.86% 18.69% Aug/30
Lithium 211,500.00 0 0% -20.04% -57.06% Aug/30
Platinum 971.43 -2.26 -0.23% 4.32% 17.27% Aug/31


Gold
Gold is mostly traded on the OTC London market, the US futures market (COMEX) and the Shanghai Gold Exchange (SGE). The standard future contract is 100 troy ounces. Gold is an attractive investment during periods of political and economic uncertainty. Half of the gold consumption in the world is in jewelry, 40% in investments, and 10% in industry. The biggest producers of gold are China, Australia, United States, South Africa, Russia, Peru and Indonesia. The biggest consumers of gold jewelry are India, China, United States, Turkey, Saudi Arabia, Russia and UAE. The gold prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our gold prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.
Actual Previous Highest Lowest Dates Unit Frequency
1945.08 1942.24 2074.88 34.83 1968 - 2023 USD/t oz. Daily