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Gold investors who got started with the metal at the end of 2023 or early 2024 have benefited from significant price growth this year. The precious metal was priced at $2,063.73 on January 1 but has broken numerous price records since that time. The latest record, set July 17, saw the metal surge to a new record of $2,472.46 per ounce . And while it's come down slightly since, it's still high and could soon eclipse a new record.
Against this backdrop, both beginner investors not yet involved with gold and current ones who have seen their asset recently rise in value may be wondering when the price could change again. While the cost of the metal is hard to accurately predict, particularly in today's evolving economic climate, there are a few upcoming dates that could result in gold price changes to be aware of. Below, we'll break down three of them.
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Here's when the price of gold could change again
The price of gold changes throughout the day. But there are some upcoming calendar dates when those changes could be significant. Here are three to monitor:
August 14, 2024
Gold is arguably best known for its ability to hedge against inflation , maintaining and often rising in value when other assets look shaky. So don't be surprised to see the price move on August 14 when the Bureau of Labor Statistics releases its inflation numbers for July. If the report shows a rise in the inflation rate, it could cause additional investors to pursue gold, causing a rise in the price. But if it drops, or stays steady, the price may potentially move downward in response. That said, inflation has steadily dropped so far in 2024 and the price of gold has continually increased, so there's not always a direct correlation between a cooling inflation rate and a rising gold price.
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September 6, 2024
The most recent unemployment report echoed throughout the market after it showed an increase in the rate, the fourth consecutive month in which the rate ticked upward. Changes in the stock market can affect the price of gold historically. So with the next unemployment report slated to be released on September 6, don't be shocked to see gold's price change then.
But it may not just be on that date. Since the unemployment numbers are released on the first Friday of the month, it could take some time for the report to reverberate. This means that the price of gold could respond on September 9 and 10, too.
September 18, 2024
All eyes will be on the Federal Reserve when they meet again on September 17 and September 18. Will the Fed finally issue its first cut to the federal funds rate this year when the meeting concludes on that Wednesday? And how much will they cut the rate, if they decide to do so? Will it be 25 basis points or 50 basis points? What happens if they don't cut rates at all?
Stocks, bonds and assets like gold and silver will all react, perhaps significantly, to what the Fed ultimately announces after its meeting. So prepare for gold price changes that day.
The bottom line
The price of gold has been on a largely undisturbed upward trend this year, breaking numerous price records since January. But there are major dates on the calendar that could affect the price further. With the next inflation report coming on August 14, the next unemployment report set for September 6 and the first Federal Reserve meeting in which a cut will be issued this year set for September 18, changes are on the horizon. Investors should prepare accordingly and consider getting involved with gold now — before the price becomes prohibitive. When they do, however, they should aim to keep gold limited at 10% or less of their portfolio to avoid blocking out the growth potential of other, more volatile assets at the same time.
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