As of today, May 24, 2023, the price of gold is $1,846.50 per ounce. This is a decrease of 0.2% from yesterday’s price of $1,848.20 per ounce.
The price of gold has been on a downward trend in recent months, due to a number of factors, including rising interest rates and a stronger US dollar. However, gold is still considered to be a safe haven asset, and its price is often seen as a hedge against inflation.
Here are some of the factors that can affect the price of gold:
- Interest rates: When interest rates rise, the price of gold tends to fall. This is because gold is seen as a less attractive investment when interest rates are high, as investors can earn a higher return by investing in bonds or other interest-bearing assets.
- The US dollar: The price of gold is also affected by the value of the US dollar. When the US dollar is strong, the price of gold tends to fall. This is because gold is priced in US dollars, so when the dollar is strong, gold becomes more expensive for investors who hold other currencies.
- Inflation: Gold is often seen as a hedge against inflation, as its price tends to rise when inflation is high. This is because gold is a scarce asset, and its value is not directly linked to the performance of the economy.
Overall, the price of gold is a complex and volatile market, and it can be difficult to predict how it will move in the future. However, gold is still considered to be a valuable asset, and its price is often seen as a reflection of the global economic and political landscape.