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Gold investors who started investing in the metal in late 2023 or early 2024 have enjoyed significant price growth this year. The precious metal was at a price of $2,063.73 on January 1st but has broken numerous price records since then. The latest record, set on July 17, saw the metal climb to a new record of $2,472.46 per ounce. And even though the level has dropped slightly since then, it remains high and could soon break a new record.
In this context, both beginner investors Investors who are not yet involved in gold and those who have seen their assets appreciate in value recently may be wondering when the price might change again. While the cost of the metal is difficult to predict accurately, especially in today’s ever-changing economic climate, there are a few upcoming dates that could result in a gold price changes to consider. Below, we will detail three of them.
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Here’s When the Price of Gold Could Change Again
The price of gold moves throughout the day. But there are a few upcoming dates where these changes could be significant. Here are three to watch:
August 14, 2024
Gold is perhaps best known for its ability to inflation hedgemaintaining and often increasing its value when other assets appear unstable. So don’t be surprised to see the price move on August 14 when the Bureau of Labor Statistics releases its inflation figures for July. If the report shows an increase in the inflation rate, it could prompt other investors to seek out gold, causing the price to rise. But if it falls or remains stable, the price could potentially fall in response. That said, inflation has been falling steadily so far in 2024 and the price of gold has been rising, so there isn’t always a direct correlation between a falling inflation rate and a rising gold price.
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September 6, 2024
The latest unemployment report has resonated throughout the market after recording a rate hike, the fourth consecutive month in which the rate has edged higher. Changes in the stock market can affect the price of gold in historic ways. So, with the next unemployment report scheduled for release on September 6, don’t be surprised to see the price of gold move around then.
But it may not just happen on that date. With unemployment figures being released on the first Friday of the month, it may take some time for the report to trickle down. That means the gold price could also react on September 9-10.
September 18, 2024
All eyes will be on the Federal Reserve Will the Fed finally make its first federal funds rate cut this year when the meeting ends on Wednesday? And by how much will it cut the rate, if it decides to do so? Will it be 25 basis points or 50 basis points? What happens if it doesn’t cut rates at all?
Stocks, bonds and assets like gold and silver Investors will all react, perhaps significantly, to what the Fed announces after its meeting, so be prepared for some gold price changes that day.
The essential
The price of gold has been on a relatively steady upward trend this year, breaking many records since January. But there are some important dates on the calendar that could still affect the price. With the next inflation report scheduled for August 14, the next unemployment report scheduled for September 6, and the first Federal Reserve meeting to announce a rate cut this year scheduled for September 18, changes are on the horizon. Investors should prepare accordingly and consider getting involved in gold now – before the price becomes prohibitively high. But when they do, they should aim to keep the price of gold down. 10% or less of their portfolio to avoid simultaneously blocking the growth potential of other more volatile assets.
