Gold Price OutlookGold prices fell over the past month, as safe-haven demand dipped in late September as investors sought safety in the USD amid heightened economic uncertainty. On 9 October, gold closed the day at USD 1,926 per troy ounce, which was down 1.0% from the same day of the previous month. In contrast, the price was 26.7% higher on a year-to-date basis and was up 27.8% from the same day last year. Gold prices continued to trend lower over the past month, as hopes for another U.S. stimulus package to combat the fallout from Covid-19 were stymied in September, which forced investors to flock to the U.S. dollar and away from precious metals and equities for safety. Heightened economic uncertainty and low inflation expectations tend to weigh on commodity markets, and consequently gold and other precious metals lose their appeal as safe-haven assets. In addition, a recent rise in new Covid-19 cases in Europe and a more dovish ECB further added to the uncertainty surrounding the pace of the global economic recovery. That said, renewed hopes for a stimulus package in early October likely supported gold prices somewhat in the past week, as the non-interest-bearing asset tends to benefit from fiscal stimulus due to its ability to hedge against inflationary pressures.
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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