After gold started to experience a renewed upward trend earlier this month, triggered by an exceptionally strong macroeconomic environment and market sentiment, the popular precious metal is on track to hit its highest closing price in all of recorded history.
Specifically, the price of gold was at press time hovering at $2,445, up from the previous close of $2,428.9 and is about to reach its highest closing price ever, according to the chart patterns observed by market analytics platform Barchart in an X post on July 16.
Gold price analysis
As it happens, the yellow metal has picked up the pace after a shortlived dip below the ascending trend line earlier in July, triggering a powerful bullish sentiment among traders and breaking above and holding the $2,390 level, which professional trader RLinda said could lead to a new all-time high (ATH).
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So, how much is a gram of gold worth at the moment? Given the current prices, usually expressed in dollars per troy ounce, a gram of gold now costs about $78.41. And how much is a gold bar worth? In terms of gold bars, they currently trade at about $80,817 per one-kilogram gold bar.
Factors contributing to gold price
Indeed, gold started to make its rapid ascent after the recent United States inflation data report revealed a surprise decline in US consumer prices last month, which, as a result, increased expectations for interest rate cuts by the US Federal Reserve.
On top of that, central bank reserve diversification into gold, the weakness in the US dollar, and a dip in treasury yields after the Fed chairman Jerome Powell’s comments on inflation and interest rates aided its surge, triggering predictions that gold might continue toward a new ATH.
Meanwhile, the price of gold is also benefitting from widespread global scene changes in the form of instabilities in the Middle East and Ukraine, political shifts in Europe, and the expansion of the BRICS trading bloc as the alternative to the economic hegemony of the US dollar.
All things considered, gold seems to be making an unstoppable move towards breaking its own records again, but things in asset markets can sometimes change unexpectedly, so doing one’s own research and understanding all the risks is critical when investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
