Gold fragments on a balance scale

Gold Price Outlook

Gold prices averaged lower in May relative to April amid a further rise in bond yields. Gold prices averaged USD 1,850 per troy ounce in May, which was 4.5% lower than April's price, and was down 0.2% from the same month last year. Meanwhile, on 31 May, gold closed the day at USD 1,845 per troy ounce, which was down 3.3% from the same day of the previous month. Gold prices trended generally lower over the last month, as expectations of aggressive Fed tightening caused U.S. 10-year Treasuries to rise. In early May, Treasuries briefly moved above 3%—their highest level since 2018—making non-interest-bearing assets such as gold less attractive to investors and thus weighing on prices. Moreover, the U.S. dollar has hit a two-decade high in recent weeks, making gold more expensive for holders of other currencies and further weighing on prices. However, gold still trades at elevated levels by recent historical standards, supported by persistent geopolitical headwinds given the war in Ukraine, and uncertainty over the trajectory of the global economy amid China’s zero-tolerance Covid-19 stance and high inflation.

Gold Price History Data (USD per troy ounce, aop)

2015  2016  2017  2018  2019  
Gold 1159.8  1248.54  1258.46  1269.41  1393.23  

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Price forecasts and historical data for Energy, Metals and Agricultural Commodities.

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Gold Historical Price Chart


Gold historical price chart
Note: London Bullion Market Association (LBMA) Gold, prices in USD per troy ounce (toz). Daily prices.

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Price forecasts and historical data for Energy, Metals and Agricultural Commodities

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