Gold Price: Per Ounce/Gram, Charts, News And Analysis

Gold prices did well in 2019 as problems and worries swirled, but analysts generally expect continued strength in the yellow metal in 2020. Credit Suisse analyst Fahad Tariq said he expects the price to average $1,540 per ounce this year, peaking at $1,560 per ounce in the first half of the year before falling gradually to $1,525 per ounce by the end of the year.

Gold

hamiltonleen / Pixabay

This article will focus on developments in the gold price in 2019 and 2020 and factors that have been affecting prices over the last couple of years.

Gold price tracker

In mid-to-late January, gold was trading at $1,582 an ounce, compared to $1,517 at the beginning of the month. The current gold price is the highest it has been in the years following the financial crisis. A black swan event that is driving traders to the metal is the virus emerging out of China. While it is unclear how bad the outbreak of coronavirus is, it already starting to impact the economy. CNBC is reporting that automakers are evacuating workers from China due to the outbreak.

Early in January, The price of gold was at its highest levels since 2013 at $1,588 an ounce, before settling at $1,567.7 for a spot ounce at the time of this writing. What will come next? No one is sure, although analysts are now turning with favor to the precious metal as prices raise. Stay tuned for further updates and see below for some prior commentary on how gold price trading works.

Following the Fed’s decision in December, spot gold inched up to $1,478 per ounce. The central bank chose not to cut interest rates again largely due to better than expected consumer prices. Analysts at OCBC Bank told Reuters that the global economy appears to have stabilized after more than a year of uncertainty.

Paul Schatz of Heritage Capital told Yahoo Finance that gold will continue to rise in the 2020s. It could go up to $2,500 or $3,000 per ounce from current levels. It’s not just gold ETFs and institutional investors driving up demand for gold. Wealthy individuals are also hoarding physical gold.

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