GOLD PRICE FORECAST AND PREDICTION FOR TOMORROW, WEEK AND MONTH (2024)

2024/08/24. Gold Price Today.

Actual Gold price equal to 2548.70 Dollars per troy ounce or 81.94 Dollars per 1 gram. Today's price range: 2519.80 - 2554.50. The previous day close: $2516.70, the change was +32.00, +1.27%.

Gold Price Prediction For Tomorrow, This Week And Month.

Gold price forecast on Monday, August, 26: 2574 Dollars, maximum 2703, minimum 2445. Gold price prediction on Tuesday, August, 27: 2545 Dollars, maximum 2672, minimum 2418. Gold price forecast on Wednesday, August, 28: 2540 Dollars, maximum 2667, minimum 2413. Gold price prediction on Thursday, August, 29: 2552 Dollars, maximum 2680, minimum 2424. Gold price forecast on Friday, August, 30: 2547 Dollars, maximum 2674, minimum 2420.

In 1 week Gold price prediction on Monday, September, 2: 2602 Dollars, maximum 2732, minimum 2472. Gold price forecast on Tuesday, September, 3: 2610 Dollars, maximum 2741, minimum 2480. Gold price prediction on Wednesday, September, 4: 2590 Dollars, maximum 2720, minimum 2461. Gold price forecast on Thursday, September, 5: 2583 Dollars, maximum 2712, minimum 2454. Gold price prediction on Friday, September, 6: 2627 Dollars, maximum 2758, minimum 2496.

GOLD PRICE FORECAST 2024, 2025 - 2028.

In 2 weeks Gold price forecast on Monday, September, 9: 2632 Dollars, maximum 2764, minimum 2500. Gold price prediction on Tuesday, September, 10: 2678 Dollars, maximum 2812, minimum 2544. Gold price forecast on Wednesday, September, 11: 2672 Dollars, maximum 2806, minimum 2538. Gold price prediction on Thursday, September, 12: 2647 Dollars, maximum 2779, minimum 2515. Gold price forecast on Friday, September, 13: 2613 Dollars, maximum 2744, minimum 2482.

In 3 weeks Gold price prediction on Monday, September, 16: 2607 Dollars, maximum 2737, minimum 2477. Gold price forecast on Tuesday, September, 17: 2603 Dollars, maximum 2733, minimum 2473. Gold price prediction on Wednesday, September, 18: 2641 Dollars, maximum 2773, minimum 2509. Gold price forecast on Thursday, September, 19: 2727 Dollars, maximum 2863, minimum 2591. Gold price prediction on Friday, September, 20: 2718 Dollars, maximum 2854, minimum 2582.

In 4 weeks Gold price forecast on Monday, September, 23: 2746 Dollars, maximum 2883, minimum 2609. Gold price prediction on Tuesday, September, 24: 2704 Dollars, maximum 2839, minimum 2569.

The forecast is updated on daily basis. The price is updated every 15 minutes.

Current Exchange Rates and Prices.

BITCOIN PRICE PREDICTION.

Gold Price Change History

Gold has been used as the currency of choice throughout history, with the earliest known use being during 600 B.C. in Lydia (Present-day Turkey).

Fast forward to 1848, gold was identified at Sutter's Ranch, and this inspired the famous Gold Rush to California. A few years later in 1861, Salmon Chase, the U.S. Treasury Secretary at the time produced the original U.S. paper currency backed by gold.

And this was the start of the gold standard, which later came to an end in 1933.

What Makes Gold Prices to Fluctuate?

Gold prices show the real state of a country's economic health. When the prices for gold go up, it signals an unhealthy economy. This is because investors tend to buy more gold, to protect their wealth from an economic crisis or inflation. And as demand increases, so does the price.

On the other hand, when the prices are low, the economy is in perfect health. This makes real estate, bonds, and stocks more profitable investments. Hence the demand for gold is low.

The key takeaways are that gold prices reflect the thoughts and beliefs of commodity traders. For example, if the general perception of the economy is poor, they will buy more gold. If investors think that the economy is great, they buy less.

Gold Prices in the 21st Century

Gold found its prices rising on a financial market in 1979, when prices were topping out in dollars at 850 dollars per ounce in early 1980. Since then, the market went through a correction and prices have risen and dropped to date.

Let's take a look at how the prices have changed in the last 20 years.

Gold Prices Between 1999 - 2010

Anytime there is market uncertainty caused by geopolitical problems, gold prices rally. This explains why the gold prices skyrocketed in the first decade of the 21 century.

Between 1980 (the first colossal spike in prices) and 2000, gold prices fell but not at a steep rate.

In 2000, before the dot com excitement started, gold was trading for just $272.65 per ounce. However, from 2001, the country experienced an economic recession accompanied by the fateful 9/11 attacks. And as all investors do in the time of crisis, everyone started buying up gold.

Although this rise can be attributed to the panic that the economy was crashing, the prices of gold still increased at a steep rate even after the stock market started a new rally.

In 2007-2008, there was a severe worldwide economic crisis known as the global financial crisis (GFC). This economic crisis also contributed to a spike in the prices of gold. The yearly average was $ 871 per ounce in 2008. The financial crash of 2008 added to the demand, and over the next four years, prices were at an all-time high.

This year the price reached a high of over $ 1000 per ounce since the gold trade began.

The following year gold reached an all-time high with an average yearly price of $ 1,134 plus a high of $ 1,212 per ounce. But that was not the end.

Gold prices continued to increase. And in 2010 there was an all-time high price again of $ 1431 at the close of the year.

Gold Prices Between 2011 - 2020

By August 2011, a few years into the Great Recession, uneasy investors propelled the price of gold to an all-time high (to date) of $ 1,917 per ounce before pulling back to about $ 1,880.

These high prices were as a result of debt issues with the U.S. and Europe, which turned investors to buying gold.

However, fast forward two years later, golds most profound price fall happened between October of 2012 and July of 2013. The metal lost around a third of its initial value.

Experts attributed this sudden fall into the strengthening of the U.S. dollar in those two years.

Money works inverse to commodities. When the dollar strengthens against major currencies, the prices of commodities such as gold, drop.

This is because many foreign buyers purchase gold using dollars. So, when the dollar is weak, they have more buying power. Hence the demand for gold increases.

The price continued to fall to a low of $ 1060 per ounce in January 2016 before making a rebound in 2018.

The U.S. major market indexes almost experienced a bear market on December 24, 2018. By April of 2018, the price was around $ 1657 per ounce. In 2018, the dollar's currency also strengthened against its peers and rose from 120 to 128. On the other hand, dollar-denominated assets were more attractive to investors, so they shifted their money to the U.S.

Considering all these unfavorable macroeconomic factors, the performance of gold this year was reasonable.

The price experienced minor changes up until February of 2020. Due to the fears of the growing pandemic and the effects on the economy, investors turned to gold as a safe haven.

In March 2020, global stocks plunged into an abrupt bear market in the wake of the coronavirus pandemic.