What is the price of gold today?
Gold was trading at $2,319.62 per troy ounce as of 9 a.m. ET. That’s a -0.46% change since yesterday. The precious metal is up 12.26% since Jan. 1, 2024.
Over the last day, its highest trading price was $2,335.60, while its lowest was $2,315.69.
Current gold prices
XAU/USD is the label for finding the spot gold price traded in U.S. dollars. In this case, gold (XAU) is traded against the dollar, and the price represents the cost of one (troy) ounce of gold in USD. But there are other foreign exchange markets, such as XAU/EUR for trading in euros and XAU/GBP for trading in British pounds.
The spot gold price represents the price at which gold can be exchanged and delivered, and prices are typically quoted in gold price per troy ounce in U.S. dollars. But prices can also be quoted per gram and kilo. It’s worth noting that a troy ounce is slightly heavier than a standard ounce.
Gold price 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 12.26% 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.
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 gold 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 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
Silver possesses both monetary and industrial value. While it’s used as a hedge against economic volatility, it’s also crucial in the electronics, automotive and medical industries. Its dual-use nature can lead to different market dynamics compared to gold.
The price of silver opened at $29.31 per ounce, as of 9 a.m. ET. That’s up 0.33% from the previous day’s silver price per ounce and up 22.51% since the beginning of the year.
The lowest trading price within the last day: $29.03 per ounce. The highest silver spot price in the last 24 hours: $29.59 per ounce.
Price of platinum
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 $960.96 per ounce, as of 9 a.m. ET. That’s up 1.36% from yesterday’s platinum price per ounce and down 2.71% year to date.
The lowest trading price within the last 24 hours: $947.55 per ounce. The highest platinum spot price in the last 24 hours: $967.60 per ounce.
Palladium spot prices
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 $893.25 per ounce, as of 9 a.m. ET. That’s down 0.18% from yesterday’s palladium price per ounce and down 18.76% year to date.
The lowest trading price within the last 24 hours: $886.55 per ounce. The highest palladium spot price in the last 24 hours: $903.25 per ounce.
Frequently asked questions (FAQs)
The highest price gold ever reached was $2,450.06 on May 20, 2024.
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.”
