Gold futures price moved up to $2,346 as central bank purchases reported for May exceeded forecasts. These official sector flows have historically provided a floor for gold in uncertain economic climates. Bubula said part of the issue has to do with the fact that gold is priced in U.S. dollars. A weaker U.S. dollar means it takes more dollars to buy the same amount of gold. If you are interested in learning more about gold’s historical value, Yahoo Finance has been tracking the historical price of gold since 2000. Gold futures price steadied at $2,339 with futures spreads narrowing. Commodity strategists suggest this signals reduced near-term volatility, but warn that upcoming Fed commentary could quickly reprice gold’s outlook.
