Gold - Price - Chart - Historical Data (2024)

Gold held around $2,570 per ounce on Wednesday, close to record highs, amid a weaker dollar ahead of the highly anticipated Federal Reserve interest rate decision. The FOMC's two-day policy meeting concludes later today, with the Fed expected to announce its first rate cut since 2020. Fed fund futures show that investors increasingly expect a 50-basis-point cut, with markets pricing in a 65% probability, while the chance of a smaller 25-basis-point cut stands at 35%. Meanwhile, gold slightly eased on Tuesday as data revealed US retail sales rose 0.1% in August, contrary to a forecasted 0.2% decline, following a revised 1.1% surge in July, suggesting relatively strong consumer spending. Elsewhere, the BoE is expected to keep UK rates unchanged on Thursday, while the BoJ is likely to maintain rates on Friday but signal a readiness to hike if forecasts are met.

Gold increased 522.29 USD/t oz. or 25.32% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Gold reached an all time high of 2589.67 in September of 2024. Gold - data, forecasts, historical chart - was last updated on September 18 of 2024.

Gold increased 522.29 USD/t oz. or 25.32% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Gold is expected to trade at 2532.66 USD/t oz. by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2623.27 in 12 months time.

Gold

Gold is mostly traded on the OTC London market, the US futures market (COMEX) and the Shanghai Gold Exchange (SGE). The standard future contract is 100 troy ounces. Gold is an attractive investment during periods of political and economic uncertainty. Half of the gold consumption in the world is in jewelry, 40% in investments, and 10% in industry. The biggest producers of gold are China, Australia, United States, South Africa, Russia, Peru and Indonesia. The biggest consumers of gold jewelry are India, China, United States, Turkey, Saudi Arabia, Russia and UAE. The gold prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our gold prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.