Gold prices hovered near record highs on Wednesday, steered by hopes of U.S. interest rate reduction and persistent Middle East tensions, while the spotlight shifted to U.S. inflation data. Spot gold was up 0.2% to $2,469.35 per ounce, shy of the record high of $2,483.60 scaled last month. U.S. gold futures steadied at $2,508.40.
More.
The gold price averaged $612.56 in 1980 according to Kitco. Adjusted for CPI inflation that would be about $2,327.10 in June 2024. So . . . gold is holding its value . . . relative to the high prices of 1980.
But there were more opportune times to buy gold than now.
See an inflation-adjusted price chart here.
