How much is gold per ounce?
Gold was trading at $2,335.97 per troy ounce as of 9 a.m. ET. That’s a +0.58% change since yesterday. The precious metal is up 13.05% since Jan. 1, 2024.
Over the last day, its highest trading price was $2,339.72, while its lowest was $2,319.19.
Current gold prices
You can find gold spot prices in U.S. dollars under the label XAU/USD. In this case, the price shown is for one troy ounce and expressed in U.S. dollars. Foreign markets using different currencies have different listings. For example, there’s XAU/EUR for trading in euros or XAU/GBP for British pounds.
Gold’s spot price represents the price at which gold can be exchanged and delivered. Prices are typically listed in cost per troy ounce. But prices can also be listed in units like grams or kilograms. Troy ounces are units used almost exclusively for weighing precious metals. One troy ounce represents 1.097 standard ounces.
Gold price chart
This chart shows how gold spot prices have changed over the last year. The data is updated at 9 a.m. ET and doesn’t have intraday lows or highs.
Gold is up 13.05% from the beginning of the year, as of 9 a.m. ET. The 52-week intraday high reached $2,450.06 on May 20, 2024, and the 52-week intraday low dropped to $1,810.10 on Oct. 6, 2023.
Keep in mind that gold prices change in real time. Spot prices when you purchase may be significantly different if and when you decide to sell.
Investing in gold
Buying physical gold involves overheads like storage costs and insurance.
When trading physical gold, the difference between the buying and selling price, known as the spread, can eat into returns. Dealers often incorporate their markups and transaction fees within these spreads, which means the actual price an investor pays might be higher than the current market rate, while the selling price they receive might be lower.
While gold certificates, exchange-traded funds, and trusts offer more liquidity and are easier to manage than physical gold, they come with risks. These investment vehicles might only sometimes match the performance of the spot price of gold due to management fees and potential discrepancies in tracking.
In essence, while the spot price provides a general benchmark for the value of gold, the actual returns and costs an investor encounters differ based on the medium of purchase and the specifics of the investment.
Precious metals prices
Precious metals have a long history of being used as stores of value and industrial commodities. It’s not just gold. Metals, including platinum, silver and palladium, are regularly traded. Their prices also fluctuate based on various market factors.
Silver spot prices
Some investors use Silver to hedge against economic volatility. Besides its monetary value, silver has plenty of industrial uses. Precious metals are used in medicine, electronics, automobiles, and more. As a result, it trades differently than gold.
The price of silver opened at $29.50 per ounce, as of 9 a.m. ET. That’s up 1.22% from the previous day’s silver price per ounce and up 23.29% since the beginning of the year.
The lowest trading price within the last day: $28.78 per ounce. The highest silver spot price in the last 24 hours: $29.63 per ounce.
Platinum spot prices
Platinum is rarer than gold or silver. The precious metal is used in catalytic converters to reduce exhaust fumes. As the auto industry pushes for cleaner cars, demand could rise, making platinum prices volatile and more challenging to predict.
The price of platinum opened at $1,015.55 per ounce, as of 9 a.m. ET. That’s up 0.66% from yesterday’s platinum price per ounce and up 2.81% year to date.
The lowest trading price within the last 24 hours: $987.70 per ounce. The highest platinum spot price in the last 24 hours: $1,016.20 per ounce.
Price of palladium
Palladium, like platinum, is pivotal in the automotive industry for catalytic converters. In recent times, there has been a surge in palladium demand due to stricter emission standards worldwide. Its scarcity and rising industrial demand have led to significant price volatility.
The price of palladium is $974.25 per ounce, as of 9 a.m. ET. That’s up 3.81% from yesterday’s palladium price per ounce and down 11.40% year to date.
The lowest trading price within the last 24 hours: $930.65 per ounce. The highest palladium spot price in the last 24 hours: $981.00 per ounce.
Frequently asked questions (FAQs)
Gold can be highly volatile and subject to strong short-term price fluctuations.
Whether it’s a good time to buy gold depends on various factors, including your investment goals, risk tolerance and time horizon, the broader economic outlook, and forecasts about the gold market.
Historically, many people view gold as a hedge against inflation and currency fluctuations. Others see it as a store of value during economic downturns. At the same time, some may find diversifying a portfolio of stocks and bonds useful, given its low correlation to both assets.
“If you look at gold’s performance historically, it’s the kind of asset that should perform well through uncertainty, as it has done in five out of the last seven recessions,” said Joseph Cavatoni, chief market strategist for North America at the World Gold Council. “For people looking for a store of value and a portfolio diversifier, gold has a strong track record of delivering those qualities.”
Gold’s value tends to fluctuate based on economic, geopolitical and market factors, so the answer to this question depends on the period in which it is measured. It’s also difficult to pinpoint the direction of future price trends ahead of time.
From the beginning of the year to June 28, 2024, the price of gold rose from $2,066.32 per troy ounce to $2,335.97, representing a 13.05% increase.
