Wednesday, February 28, 2024

History and future predictions about the gold price Australia

It is quite interesting to see how gold prices increased and decreased over the years. We tend to only look for the current gold price and the predictions for the future. We tend to forget about the previous gold price Australia from the last couple of years. 

We are going back in time to look at some historical gold prices, the current price, and the predictions for the future. Making it easier to decide if you should purchase gold in Australia, or if you should invest in something else. 

Historical Gold prices from Australia

This is the great thing about the internet. We are able to go back in time and see what the gold prices were 5, 10, and 15 years ago. Seeing how much someone’s gold value increased when they purchased gold in 2000 and selling it in 2013. This will give you an idea of how a gold investment can grow over time.  Remember these are all in the Australian dollar currency.

  • In June 2000 the gold price in Australia was $481,68 per ounce
  • June 2005 the gold price was $572,74 per ounce 
  • In June 2010 the gold price increased to a huge $1 457.79 per ounce
  • In June 2013 the gold price decreased to $1 353,87 
  • At The same time in 2015, it increased again to $1 534.09
  • Before Covid in 2019, the gold price was $2 012,39
  • During Covid in 2020, the gold price wasn’t affected in Australia. The price ranged from $2 566.42
  • However, in 2021 it decreased again and ranged from $2,344.83

Current gold price in AUD

From 2021 till now June 2023, the price of gold in Australia increased again. It ranges at $2 888,04 per ounce in Australian Dollars. Experts and economists hope that the price of gold in increase to $1950 during the second half of 2023. But, we will see if this is going to be the case, or if the price will start to decrease again. 

Future Predictions for the gold price

It can be hard to predict the gold price in the future. Even if we have all the necessary information to do the calculations, there is no way to correctly predict the future of the gold price. We can just see and guess what the gold price will do over the next two years. However, analysts predict that the gold price will moderately increase during 2024 and after five years the gold price could be as high as $3,000 an ounce.

However, for most people, this sounds to be too good to be true, and too much of an increase over the next five years. We will need to wait and see over the course of the next couple of years to see how accurate the predictions were. 

During June 2000 the gold price Australia was low at $481.68 in Australian dollars. Twenty-three years later and the gold price is now set at $2 888,04. The prediction is that in the next five years, the gold price will go beyond $3,000. Making this a huge investment if you purchased gold in 2000 and selling it in 5 years. 

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