The gold price in the United States Friday, February 24, 2023

 The gold price in the United States Friday, February 24, 2023

The gold price in the United States today, Friday, February 24, 2023, witnessed a significant decrease by 27 USD per ounce, to reach 1,811.59 USD per ounce (a change of -1.45% compared to yesterday’s price of 1,838.24 USD per ounce).

previous close:

1,822.31

request for proposal:

1,810.77

/

1,812.43

daily range:

1,809.05 - 1,827.89

This page displays the gold price today in the United States in US Dollars (USD) according to the local time in New York City, in addition to yesterday's gold price with a calculation of the percentage change. Prices include gold prices in ounces and grams of all 24k, 22k, 21k, and 24k. 18 and 14 karat.

The buying and selling prices have been added, in addition to the details of the latest gold trade deals

Gold XAU/USD

  1,811.60-10.71 (-0.59%)

00:58:57 - closed

1,811.70

18:00

20:00

22:00

1,810.00

1,808.00

1,812.00

1,814.00

Technical summary

5 minutes: buy

Hourly: Strong Sell

Daily: Strong selling

Monthly: equal to about 4000?

"The price of the precious metal could reach between $2,500 and $4,000 sometime next year," Keener told CNBC.

He stressed that there is a good chance that the gold market will see a big move, adding that "it will not be 10% or 20% only," but one that "will really reach new heights."

Keener said many economies could experience a "bit of a slump" in the first quarter, which would result in many central banks slowing the pace of interest rate hikes and immediately making gold more attractive. He said that gold is also the only asset that every central bank owns.

According to the World Gold Council, central banks bought 400 tons of gold in the third quarter, nearly double the previous record of 241 tons during the same period in 2018.

Gold is the best of all

"Since the 2000s, the average return on gold in any currency has been between 8% and 10% a year. It just didn't happen in the bond market. It didn't happen in the stock market either. According to Kenner."

Kenner also said that investors will be looking at gold as inflation remains high in many parts of the world. “Gold is a very good inflation hedge, a great catch during a huge recession and a great addition to a portfolio.”

Another opinion.. Gold will not reach this level

Despite strong demand for gold, Kenny Polkari, chief market analyst at Slatestone Wealth, disagreed that prices could double next year.

"I don't have a gold price target of $4,000, although I would love to see it go there," Polkari said.

Polkari argued that gold prices will see some decline and resistance at $1900 an ounce. He said prices would be determined by how inflation responds to higher interest rates globally.

“I love gold. I've always loved gold.” “Gold should be part of your portfolio. I think it will be better, but I don't have a $4,000 price target.”

China is a big buyer

When asked if supply is low because demand is high, Kenner said, "There's always supply, but maybe not at the price you want."

But he stressed that the high prices did not match buyers in China, who pay a premium for the precious metal.

Earlier this month, China's central bank announced that it had added $1.8 billion worth of gold to its reserves, bringing the cumulative value to about $112 billion, Reuters reported.

"Asia was a big buyer. And if you look at the whole trade, gold is basically leaving the West, going to Asia," according to Kenner.

Tips for investors

Nikhil Kamath, co-founder of India's largest brokerage Zerodha, said investors should allocate 10% to 20% of their portfolio to gold, adding that it is a "relevant strategy" in 2023.

"Gold was also inversely proportional to inflation, and it was a good hedge against inflation," Kamath added.

He continued, “If you look at the amount of gold you needed to buy an average home in the 1970s, it is likely that today you need the same amount or less gold than you did in the 70s, 80s or 90s.”

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