The price of gold is soaring more than 3% today (Thursday) and is now up more than 20% year to date. But our forecast shows the price of gold climbing even higher in 2016.
price of gold now
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As the U.S. markets have moved sideways in the past week, gold has been in consolidation mode. Today the gold spot price is around $1,223.20 - down $9.50.
Gold traders have done some profit-taking as the gold price has bounced in a range between roughly $1,205 and $1,235 over the past trading week. But the gold spot price has stayed above the $1,200 level, which has helped to paint an increasingly bullish picture.
Technically, we're getting an emerging pennant pattern that will have to resolve itself before long. Will that be to the upside or downside?
The price of gold climbed today (Thursday) as a sharp sell-off in China's stock market sent investors to the safe-haven asset.
Just after noon today, spot gold prices were trading up $10.90, or 0.89%, at $1,240.40 an ounce.
Spot gold prices slipped $9, or 0.80%, Thursday morning to $1,116.70 an ounce as many investors took profits following a week of gains for gold prices.
And while spot gold was down today, dovish comments from the U.S. Federal Reserve yesterday were a big indication that gold prices will continue climbing in 2016.
Our new gold price forecast today uses technical analysis to shed light on where gold's short- and mid-term price path is going.
Gold has had a bit of roller coaster action over the past few months. In October, the gold price did an almost complete round trip: It started the month around $1,107, blasted up to $1,185 by mid-month, and finally gave it all back by month's end.
The price of gold hit a seven-week high today (Monday) as investors believe the U.S. Federal Reserve will delay its first interest rate hike in nearly a decade until sometime in 2016.
The price of gold was up $10.40 at $1,166.20 an ounce in New York trading Monday morning. It hit an intraday high of $1,169.00 earlier in the session.
Gold prices today (Friday) climbed $18.90, or $1.66%, at $1,158.90, which was a six-week high for the precious metal.
Gold prices today climbed after the release of the latest Federal Open Market Committee (FOMC) minutes. The minutes were clearly dovish, with many now believing an interest rate hike won't happen until 2016.
The price of gold today was flat in early U.S. trading today (Tuesday) as investors remain guarded ahead this week's Federal Open Market Committee (FOMC) meeting.
In Tuesday's morning session, the price of gold was trading lower by $3.60, or 0.32%, at $1,105.80 an ounce. Monday, gold prices added $4.40, or 0.40%, to $1,107.80.
Gold Prices Down Today: Gold prices were lower in early trading today (Friday) as traders remain guarded ahead of next week's Federal Reserve meeting.
The spot price of gold hit a low of $1,097.90 in early trading.
Gold prices today (Wednesday) fell as U.S. equities climbed following a two-day rout. In mid-morning trading today, the gold price dipped $16, or 1.4%, to 1,125.40.
A stronger dollar and a positive U.S. durable goods order report also drew investors away from gold and into stocks today.
Gold prices today were modestly higher amid some safe-haven demand as global markets plummeted and U.S. equities had one of their most brutal opens in history.
The yellow metal now sits at a seven-week high.
Gold prices now sit at a six-week high as the safe-haven trade is back in focus.
Thanks to strong gains Thursday and a follow through Friday, the gold price has trimmed its year to date loss to a slight 2.31%.
Following a 1.7% gain last week, the price of gold today tacked on another 0.58% in morning trading.
Jittery markets and global economic woes continue to drive investors to the safe-haven asset.
Gold prices today (Thursday) are down slightly after climbing to a three-week high yesterday amid yuan fears, a softer dollar, and a global equity rout.
The yellow metal finished Wednesday up $15.60, or 1.41%, at $1.123.20 an ounce. That marked the fifth consecutive session in which the gold price ended higher.