As of 8:44 AM PST on June 2, 2023, the price of gold is $1,976.90 per ounce. This is a decrease of $2.10 from the previous day’s close. The gold price has been on a downward trend in recent weeks, due to a number of factors, including rising interest rates and a stronger US dollar. However, gold is still considered a safe haven asset, and its price is often seen as a hedge against inflation.
Here are some additional details about the factors that are affecting the gold price today:
- Rising interest rates: The US Federal Reserve is expected to raise interest rates several times this year, which will make it more expensive to borrow money. This could lead to a decrease in demand for gold, as investors will be looking for other assets that offer a higher return.
- Stronger US dollar: The US dollar has been strengthening against other currencies in recent weeks. This makes gold more expensive for investors who hold other currencies.
- Inflation: Inflation is rising in many parts of the world, which could lead to an increase in demand for gold. Gold is often seen as a hedge against inflation, as its price tends to rise when inflation is high.
It is important to note that the gold price is volatile and can fluctuate significantly on a daily basis. The factors that I have mentioned above are just some of the factors that can affect the gold price.