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