Gold fragments on a balance scale

Gold Price Outlook

Gold prices continued to rise through June on higher safe-haven demand, amid disappointing global macroeconomic data and heightened trade tensions between the U.S. and China, coupled with expectations that the Federal Reserve would cut rates in the near future. On 5 July, gold closed the trading day at USD 1,395 per troy ounce, which was 4.8% higher than on the same day in the previous month. The price was up 8.9% on a year-to-date basis and was 10.9% higher than on the same day in 2018. Investors’ concerns about waning global economic momentum dictated prices this month, as a slew of weak economic data, notably from China and the EU, strengthened investors’ appetite for the bullion as a safe-haven. Moreover, the U.S.-China trade war continued to further support safe-haven demand, due to lingering uncertainty ahead of the 28-29 June G20 meeting, where Presidents Trump and Xi agreed to restart trade talks. Finally, against this backdrop, concerns were also mounting regarding the loss of economic momentum in the U.S., prompting the Fed to signal that it was contemplating a rate cut in the near future. This in turn weakened the dollar somewhat and thus made gold cheaper for international buyers. In addition, it solidified expectations of lower interest rates in the future, which made gold comparatively more attractive to investors, as it does not provide any yield.

Gold Price History Data (USD per troy ounce, aop)

2013  2014  2015  2016  2017  2018  
Gold1410.71  1265.83  1159.8  1248.54  1258.46  1269.41  

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

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Gold Historical Price Chart


Gold historical price chart
Note: London Bullion Market Association (LBMA) Gold, prices in USD per troy ounce (toz). Daily prices.

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Price forecasts and historical data for Energy, Metals and Agricultural Commodities

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