Gold Price OutlookGold prices fell steadily in the second half of June, although they regained some lost ground in the first few days of July. On 6 July, gold closed the trading day at USD 1,255 per troy ounce, which was down 3.4% from the same day of the previous month and one of the lowest levels seen this year. July’s price was 3.7% lower on a year-to-date basis, but still came in slightly above last year’s levels and was up 2.6% from the same day in 2017. A firmer U.S. dollar and rising U.S. interest rates have been chiefly been behind the downward trend in gold prices seen in recent months. The Federal Reserve hiked interest rates for a seventh time since the financial crisis in mid-June, further eroding gold’s attractiveness as an investment compared to yield-bearing assets. In addition, gold demand has been weak in Asia, weighing on prices. Data from India, the world’s second-largest consumer of gold, revealed that gold imports fell by around 40% in the first half of 2018. Meanwhile, high political uncertainty worldwide continues to provide some support to gold prices, as fears of a global trade war have risen in recent weeks, amid tit-for-tat tariffs levied by the U.S. and its trading partners.
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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