Gold steadied around $2,395 per ounce on Friday, after touching all-time high of $2,417 earlier in the session. Market sentiment was influenced by the shifting dynamics of escalation and de-escalation in the Middle East. Early on Friday, Israel launched missiles on Iran, spurring a safe-haven rush. However, subsequent reports suggested that the scale of the attack may have been exaggerated, with sources indicating that Iran's nuclear facilities remained intact. Meanwhile, gold faced downward pressure from strong economic data out of the US, including retail sales and the Philadelphia Manufacturing PMI, as well as hawkish comments from several Federal Reserve officials. The prospect of interest rates remaining restrictive for longer weighed on bullion, as higher rates diminish the appeal of non-yielding assets like gold. Throughout the week, gold is still set for an over 2% increase, supported by ongoing geopolitical tensions and strong central bank buying.
Gold increased 329.25 USD/t oz. or 15.96% 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 2431.55 in April of 2024. Gold - data, forecasts, historical chart - was last updated on April 20 of 2024.
Gold increased 329.25 USD/t oz. or 15.96% 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 2373.30 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 2443.81 in 12 months time.