Price Of Gold In 2020

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Gold Price Prediction Chart

First, the bear case…

Surveying the landscape, I found several banks that predict lower prices for gold in 2022.

Gold ended 2021 at $1,805 per ounce heres where they see the price going from there.

Various reasons were given as to why theyre bearish, the most common ones were related to rising interest rates and their belief that inflation will fall .

One thing that stuck out about most of these predictions, though, is that most are based on one factor, which ignores a plethora of other catalysts. Ill also note that banks are generally very conservative, and have frequently been incorrect about gold.

Value Of The Us Dollar

The price of gold is generally inversely related to the value of the United States dollar because the metal is dollar-denominated. All else being equal, a stronger U.S. dollar tends to keep the price of gold lower and more controlled, while a weaker U.S. dollar is likely to drive the price of gold higher through increasing demand .

As a result, gold is often seen as a hedge against inflation. Inflation is when prices rise, and by the same token prices rise as the value of the dollar falls. As inflation ratchets up, so too does the price of gold.

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Gfc Prompted Change Of Heart

The sell-off of gold reserves dried up after the Great Financial Crisis of 2007-2008.

The central banks of Brazil, Paraguay, Iraq and Venezuela were among those topping up their piles of gold bars.

And in mid-2015 we had Austria follow the lead of Germany and the Netherlands in deciding they were not comfortable with a large proportion of their gold sitting in foreign vaults and so arranged to have some of the bullion repatriated.

Vienna had only 17% of its 280t on hand, with 80% of its gold held at the Bank of England. Over the next few years, it intended to move much of that to Vienna and Switzerland.

Meanwhile, Jordan in 2015 joined the ranks of the central banks to be making the decision to buy more gold, while Kazakhstan added a few more tonnes in March that year to get over the 200t level, more than double where its reserves had stood in 2012.

Gold 2023 Can It Breakout At Last

Inflation was subdued in 2020 and not an issue, yet in August that year gold hit its highest ever price of US$2,075.88 per ounce.

In 2022, with inflation in full swing, the gold price did get over US$2,000/oz but could not stay there.

That burst occurred in March last year, and was triggered by Russias invasion of Ukraine.

In fact, gold ended 2022 pretty much in the same place as it started the year on 2 January that is at about US$1,830/oz.

Silver performed similarly beginning and ending the year at around US$23/oz.

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Why Look At Historical Gold Prices

Looking at historical gold prices may potentially provide information that may assist in buying or selling decisions. Looking at the big picture, gold trended higher for many years before making all-time highs in 2011 of nearly $2000 per ounce. Gold has since been moving lower, but could have possibly found a bottom in 2016. Although it remains to be seen, golds declines from the 2011 highs could simply prove to be a pullback within an even longer-term uptrend.

Examining historical gold prices can potentially be useful in trying to identify potential areas of price support to buy at. For example, if gold has pulled back to $1200 per ounce on numerous occasions but is met with heavy buying interest each time, then the $1200 area could be considered a level of support and could potentially be a good area to try to buy at.

In addition to viewing historical gold price charts in U.S. Dollars, you can also view historical gold prices in numerous alternative currencies such as British Pounds, Euros or Swiss Francs. You can even view a historical inflation-adjusted gold price chart using the 1980 CPI formula.

For easy reference, this page also contains a simple table that provides golds price change and percentage change using a single day, 30 day, six month, one year, five year and 16 year timeframes.

Gold Price Per Gram Today

Actual Gold Price equal to 59.03 Dollars per 1 gram. Today’s range: 58.95-59.94. Previous day close: 59.77. Change for today -0.74, -1.24%.

Gold Price forecast for .In the beginning price at 58.59 Dollars. High price 64.65, low 58.41. The average for the month 60.81. The Gold Price forecast at the end of the month 61.57, change for January 5.1%.

Gold Price forecast for .In the beginning price at 61.57 Dollars. High price 66.74, low 60.38. The average for the month 63.06. The Gold Price forecast at the end of the month 63.56, change for February 3.2%.

Gold Price forecast for .In the beginning price at 63.56 Dollars. High price 66.92, low 60.54. The average for the month 63.69. The Gold Price forecast at the end of the month 63.73, change for March 0.3%.

Gold Price forecast for .In the beginning price at 63.73 Dollars. High price 71.06, low 63.73. The average for the month 66.55. The Gold Price forecast at the end of the month 67.68, change for April 6.2%.

Gold Price forecast for May 2023.In the beginning price at 67.68 Dollars. High price 70.53, low 63.81. The average for the month 67.30. The Gold Price forecast at the end of the month 67.17, change for May -0.8%.

Gold Price forecast for .In the beginning price at 67.17 Dollars. High price 68.53, low 62.01. The average for the month 65.75. The Gold Price forecast at the end of the month 65.27, change for June -2.8%.

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Gold Prices Across Major Cities In India

The cost of 10 gram of 22 karat gold and 10 gram of 24 karat gold in Chennai is Rs.47,927 and Rs.52,285 respectively. In Mumbai, the price of 22 karat gold is Rs.50,250 and the price of 24 karat gold is Rs.54,820. The rate of 10 gram of 22 and 24 karat gold in Delhi is Rs.50,400 and Rs.54,980. In Bhubaneshwar, 10 gram of 22 karat gold is trading for Rs.50,250 and 10 gram of 24 karat gold is being sold for Rs.54,820. You can purchase 22 karat gold in Kolkata for Rs.50,250 and 24 karat gold for Rs.54,820.

24 December 2022

Gold Price Daily Chart

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How High Can Gold Soar

That $2,175 price target is only about 11% from the current price, but it’s also only a technical target in play this year. What happens beyond then, and whether gold serves as a good hedge against the current inflationary backdrop remains to be seen.

But historically, high gold prices have been mean-reverting when adjusted for inflation.

The above chart tracks the price of spot gold in U.S. dollars divided by the consumer price index to adjust for purchasing power. After President Nixon closed the gold window in 1971, there was a huge run-up in both the price of gold and inflation during the decade. But gold got too extended in 1980 reaching $637 per ounce. Afterward, it sold off for two decades.

Importantly, when gold peaked in 2011 at over $1,700 per ounce, the gold-to-CPI ratio was nearly perfectly testing that 1980 peak. Astute readers will note the most recent run-up in 2019 came short of those peaks and the ratio has backed off those highs a bit.

All of these leaves more potential room for gold to rise at least by this metric as inflation weighs on the ratio. Voodoo technical analysis, I know.

Back to the main point: Is my dear relative now successfully buying gold? You bet physical. Sounds to me like more than just an inflation hedge.

Reasons For Price Increase

The expected increase in gold prices can be attributed to many factors. Low-interest rates mean investors are looking for other assets that protect against inflation. Gold is also seen as a safe-haven asset in times of economic uncertainty. Still, it has not yet been reflected in the global gold price. Additionally, the increasing demand for gold from countries such as China and India will likely increase the price of precious metals.

Gold will likely perform even better in the next quarters since gold demand is very high, but the supply can not keep up. This is a textbook situation for a potential global gold price increase.

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Western Copper Explores For Copper And Gold And Could Soar With The Metals

• Some analysts are calling for copper over $6 and $4,000 gold.
• Mining shares tend to outperform the metals on the upside.
• Exploration companies are more speculative than miners and can turbocharge returns during significant copper and gold rallies.
• WRN outperformed copper and gold from March 2020 through May 2021.
• The potential for rewards comes with commensurate risks. WRN and other exploration companies require a plan and discipline.
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Gold and copper prices reached all-time highs in March 2022 when the precious yellow metal hit rose to over $2,070 per ounce, and the red industrial metal probed over $5 per pound. While gold and copper corrected from the record peaks, they ended 2022 at over $1,825 per ounce and above $3.80 per pound, respectively.

While gold and copper closed the year below 2021 levels, the metals turned in respectable performances considering the rise in U.S. interest rates and the rally in the U.S. dollar, the international pricing mechanism for most commodities, including metals.

What Drives The Price Of Gold

Marcus Reeves is a writer, publisher, and journalist whose business and pop culture writings have appeared in several prominent publications, including The New York Times, The Washington Post, Rolling Stone, and the San Francisco Chronicle. He is an adjunct instructor of writing at New York University.

Today, gold is sought after, not just for investment purposes and to make jewelry, but it is also used in the manufacturing of certain electronic and medical devices. Gold was over $1,700 per ounce, and while down more than $300 from September 2020, still up considerably from levels under $100 seen 50 years ago. What factors drive the price of this precious metal higher over time?

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Mining Shares Tend To Outperform On The Upside

In the world of commodities, the companies that extract gold and copper from the earthâs crust invest substantial capital to produce the metals at a lower cost than the market price. The investments create leverage that often causes shares to outperform the metals on the upside and underperform when prices decline.

The leading producing companies can shift gears during rallies, extracting lower-grade ores with higher returns during bullish price trends. The producers often mine higher-grade ores with lower production costs during bear markets in the underlying metals.

GDX and PICK are ETF products that gold senior gold and base metal mining companies. In March 2020, copper and gold reached bottoms as the global pandemic gripped markets across all asset classes, with gold futures falling to $1,452.10 and copper futures to $2.0595. Gold rallied 42% to $2,063 in August 2020. Copper reached $4.8985 per pound in May 2021, a 137.8% increase.

Chart of the GDX ETF Product

From the March 2020 low to the August 2020 high, GDX rallied from $16.18 to $45.78 per share or 182.9%, far outperforming the move in the gold futures arena.

Chart of the PICK ETF Product

From the March 2020 low to the May 2021 high in copper, PICK rose from $16.01 to $51.39 per share or 221%, outperforming the percentage move in the nonferrous metal.

Gold Price Ignores War And Inflation

In other words, in 2022, a year which saw the greatest inflationary burst in 40 years, gold prices largely ignored that occurrence.

And, by the latter part of the year, gold prices were also largely ignoring the Russian-Ukraine war.

A major war and major inflation both occurred: the two key ingredients which by all economic textbook standards should see the gold price soar. But it didnt.

This leaves a major question in terms of what its going to take in 2023 to get the gold price above, and well above, the US$2,000/oz mark and able to sustain that.

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Technical Analysis For Q42022

In the first month of Q4 2022, the gold price touched 1615 USD/oz, the lowest gold price since Q1 2021.

In Q4, 2022 gold price touched 1615 USD/oz levels two more times without breaking that level, which confirms a firm support area from which investors do not want the price to go lower.

At the beginning of November 2022, gold bears tried to push the price down again but failed. Gold bulls took over, and the price went from 1617 USD/oz to 1822 USD/oz in 6 weeks. That is almost a 13% price increase in 6 weeks.

• The long-term bullish trend remains strong.
• The mid-term bearish trend was broken at the beginning of November 2022, when the bulls took over, and the price increased by over 10% in a short time.
• When looking at the image, we can see a mid-term bearish trendline . Long-term bullish trendline and strong support level .
• We can also see that all these lines crossed over, and the price skyrocketed.
• RSI divergences also suggested a sharp bullish move.
• Currently, the gold price is trading in a yearly resistance level area 250-day moving average
• If the gold price breaks the 250MA level and closes above that level with certainty, we can expect the gold price to touch historical 2000 USD/oz levels again.

Gold Set For Big Quarterly Rise After Rate

Gold prices edged up on Friday as the non-yielding metal is on track to close its best quarter since June 2020 on expectations of slower interest rate hikes by the U.S. Federal Reserve after being beaten down from record highs earlier this year.

Bullion is only down about 0.5% in 2022 as back-to-back rate hikes by the U.S. central bank pushed gold to a more than two-year low in September, but prices have pared losses since.

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Gold Rates Remain Flat Today On 13 December

The price of gold remains stable as the traders await the Central Bank hike announcements. The gold February futures went up by 0.05% or Rs.27 and were trading at Rs.54.159 for 10 grams on the Multi Commodity Exchange . The spot gold rates remained stable, while US gold futures went by 0.10%.

14 December 2022

Gold Is Trading At Rs54440 Today On 12 December

In Hyderabad, Kolkata, Mumbai, Pune, and Kerala, 10 grams of 22-carat and 24-carat gold are trading at Rs.49,900 and Rs.54,440. While in the nations capital, Delhi, gold is trading at Rs.54,600 and Rs.50,040 for 10 grams of 24-carat and 22-carat. The cost of the same quantity of gold in Chennai is Rs.55,150 and Rs.50,550 for 24-carat and 22-carat, respectively. The price of Spot gold and the US Gold futures slashed by 0.20% and 0.30%, respectively, in the international market.

13 December 2022

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Gold Rates Rise On Nine

Gold rate today: In the final week of 2022, gold prices continued their winning streak with gains of 0.75 per cent, ending in positive territory for nine-week in a row. Gold future contract for February 2023 on multi commodity exchange finished at 54,972 per 10 gm levels while spot gold price finished the final week of 2022 at $1,822 per ounce levels.

According to commodity experts, gold price rally can be attributed to three main reasons Covid-19 concern, US Fed indicating a slower pace of interest rate hike and ease in dollar index. They said that gold price has support placed at $1,780 in international market whereas in domestic market, the precious yellow metal has immediate support placed at 54,300 to 54,400 per 10 gm levels. However, they said that overall bias for gold rates are positive and any dip in the precious bullion metal should be seen as buying opportunity as spot gold price may go up to $1,865 and $1,890 levels once it sustains above $1,820 levels. On MCX, they said that gold prices may go up to 55,900 levels in near term. However, they advised investors to refrain from chasing the gold price rally and maintain ‘buy on dips’ strategy.

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