Gold Price OutlookGold prices were relatively steady in recent weeks before rising in late October, boosted by renewed uncertainty over U.S.-China bilateral ties. On 1 November, gold closed the trading day at USD 1,511 per troy ounce, which was up 1.9% from the same day in October. Moreover, the price was 17.9% higher on a year-to-date basis and was up 22.7% from the same day in 2018. Although the United States and China were expected to sign a partial trade deal in November, officials recently announced the deal would not be ready by then, while Chinese officials are allegedly pessimistic a final trade deal will be reached with the current U.S. administration. This brought fresh uncertainty over global growth prospects and increased safe-haven demand. The other major story this month was the Fed’s third 25 basis-point rate cut at its October meeting, a move which had widely been priced in by markets. That said, a more hawkish tone from the Bank, which signaled an end to its current policy adjustment, will have likely stymied some of gold’s recent gains. Meanwhile, the EU’s agreement to a new Brexit extension and December’s snap elections mean the Brexit outcome is still largely undecided. The metal’s continued ascent was likely limited by stronger-than-expected U.S. growth in Q3 and a decent jobs report, which buttressed the dollar.
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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