Gold Price OutlookGold prices continued their upward ascent to a near six-year high in recent weeks amid the escalation in tariffs between the U.S. and China and growing concerns about the health of the global economy, which further stoked safe-haven demand for the metal. On 6 September, gold closed the trading day at USD 1,521 per troy ounce, which was up 3.2% from the same day in August. The price was 18.7% higher on a year-to-date basis and was up 26.8% from the same day in 2018. Gold prices rose after China announced on 23 August it would impose retaliatory tariffs on U.S. imports, which were immediately met with a set of countermeasures from the U.S., further entrenching the trade dispute between the two superpowers and heightening investor anxiety about the global economic outlook. That said, a renewed pledge to restart negotiations in mid-September has dampened some safe-haven demand. Meanwhile, the protracted trade dispute, paired with weaker U.S. economic data, could provide impetus for the Fed to deliver another rate cut at its 17–18 September meeting. This has put downward pressure on the dollar, which in turn boosts gold’s attractiveness, given it’s a non-yielding asset.
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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