Gold prices averaged slightly lower in September relative to August. Prices averaged USD 1,915 per troy ounce in September, 0.2% lower than August’s price but up 13.8% year on year. Meanwhile, on 29 September, gold closed the day at USD 1,857 per troy ounce, down 4.4% month on month.
Gold prices averaged slightly lower in September compared to August, as major central banks’ recent monetary policy decisions indicated that global financial conditions would remain tighter for longer than previously expected. In particular, the Federal Reserve increased its end-of-year policy rate forecast for both 2023 and 2024 in September. The Fed’s recent actions have helped push up Treasury yields and strengthened the dollar, further dampening gold demand as the opportunity cost of holding the metal increased, and gold purchases became more expensive for holders of other currencies. In contrast, the risk of a U.S. government shutdown in early October likely limited the fall in gold prices in September by supporting safe-haven demand for the metal.
Gold LBMA (prices in US$/toz, aop)
Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | |
---|---|---|---|---|---|---|---|---|
Gold LBMA | - | - | - | - | 1,877 | 1,874 | 1,729 | 1,732 |