How much is gold per ounce?
As of 9 a.m. ET, gold was trading at $2,394.52 per troy ounce. That price represents a change of -0.39% from the same time yesterday. Since the start of the year, the price has shifted up 15.88%.
Over the last day, the lowest price for an ounce of gold was $2,388.94. The highest price in the previous 24 hours: $2,412.16.
Gold spot prices
The spot gold price is XAU/USD, representing its price in U.S. dollars. For this symbol, it’s gold (XAU) trading against the dollar (USD). Other markets, though, trade in different currencies. The best-known labels include XAU/EUR for trading euros and XAU/GBP for British pounds.
Spot gold prices are listed as the price for a troy ounce. Troy ounces are used for trading precious metals and are slightly heavier than a standard ounce. However, prices can also be quoted in grams or kilos, so pay attention to the units.
Price of gold chart
The chart below shows how the spot price of gold is trending over the year. The data is as of 9 a.m. ET and doesn’t display intraday highs or lows.
Gold is up 15.88% from the beginning of the year, as of 9 a.m. ET. The 52-week intraday high reached $2,483.74 on July 17, 2024, and the 52-week intraday low dropped to $1,810.10 on Oct. 6, 2023.
Remember that the spot price of gold is quoted in real time and represents the current price at which gold can be bought or sold for immediate delivery. For most investors, the spot price usually differs from the price they’ll pay or receive when they decide to purchase or sell their gold.
How to invest 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, gold exchange-traded funds and trusts offer more liquidity and are easier to manage than physical gold, they come with their own 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 are often used as investment vehicles but also have industrial uses. Like gold, the price of commodities like palladium, silver and platinum varies based on market forces. Due to their industrial applications, they also have other sources of demand.
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 $28.80 per ounce, as of 9 a.m. ET. That’s down 0.86% from the previous day’s silver price per ounce and up 20.38% since the beginning of the year.
The lowest trading price within the last day: $28.75 per ounce. The highest silver spot price in the last 24 hours: $29.43 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 $944.73 per ounce, as of 9 a.m. ET. That’s down 1.62% from yesterday’s platinum price per ounce and down 4.35% year to date.
The lowest trading price within the last 24 hours: $944.73 per ounce. The highest platinum spot price in the last 24 hours: $974.20 per ounce.
Palladium spot prices
Another precious metal used in catalytic converters is palladium. The trend toward stricter emission standards may support demand. Combined with palladium’s scarcity, the metal can also have significant price fluctuations.
The price of palladium is $898.00 per ounce, as of 9 a.m. ET. That’s down 2.75% from yesterday’s palladium price per ounce and down 18.33% year to date.
The lowest trading price within the last 24 hours: $898.00 per ounce. The highest palladium spot price in the last 24 hours: $928.26 per ounce.
Frequently asked questions (FAQs)
The highest price gold ever reached was $2,483.74 on July 17, 2024.
One notable recent high includes the yellow metal’s high of $1,971.17 per troy ounce in August 2020. This surge can be partially attributed to the economic uncertainty surrounding the COVID-19 pandemic.
The global outbreak of COVID-19 brought about unprecedented economic challenges. With central banks worldwide implementing low interest rate policies and massive fiscal stimulus packages to support their economies, there were concerns about potential inflation and the devaluation of fiat currencies. In this scenario, some investors turned to gold as a safe asset, given its history as a store of value during times of economic instability.
Geopolitical tensions, trade wars, and supply chain disruptions during this period further contributed to investors seeking refuge in assets deemed more stable, and gold has historically been a preferred choice for many. As a result, demand for gold increased, driving its price to a record high in August 2020.
Remember that while the COVID-19 pandemic’s economic repercussions significantly contributed to gold’s price rise in 2020, other factors likely also played a part.
Gold can be a volatile commodity with significant short- and long-term price swings.
Many factors contribute to whether investing now will pay off. Consider your own investment goals, time horizon and risk tolerance. Also, forecasts about the gold market and the broader outlook for the economy should be considered.
People have long viewed gold as a way to hedge against inflation. It’s also considered one way to diversify your portfolio from traditional assets like stocks or bonds. However, predicting the future direction of gold prices remains difficult, if not impossible.
