Gold Price OutlookGold prices were relatively volatile over the past month, but increased notably in early November as uncertainty around the U.S. presidential elections and a weaker USD drove demand. On 6 November, gold closed the day at USD 1,952 per troy ounce, which was up 2.0% from the same day of the previous month. Moreover, the price was 28.4% higher on a year-to-date basis and was up 31.1% from the same day last year. Gold prices were down slightly in late October as mounting economic uncertainty continued to shift safe-haven demand away from precious metals and towards the U.S. dollar—which ended October slightly stronger. The resurgence of Covid-19 cases globally and renewed lockdown restrictions in most parts of Europe called into question the pace of the economic recovery. That said, in early November, prices recovered as investors began to price in a Joe Biden and Democrat victory in the U.S. presidential elections, which pushed the USD lower and supported demand for gold. A Biden administration would likely pass a larger U.S. stimulus package and raise taxes, giving way to higher inflation and thus benefiting demand for gold. This, coupled with a more dovish ECB, stronger bond purchasing from the Bank of England and the Fed’s commitment to an accommodative stance, likely further pushed inflation expectations higher, thus boosting gold prices.
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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