How much is gold per ounce?
As of 9 a.m. ET, gold was trading at $2,338.48 per troy ounce. That price represents a change of 0.43% from the same time yesterday. Since the start of the year, the price has shifted up 13.17%.
Over the last day, the lowest price for an ounce of gold was $2,323.94. The highest price in the previous 24 hours: $2,347.15.
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.
Price of gold chart
The chart below shows spot prices for gold over the last year. The data was updated at 9 a.m. ET and does not include intraday highs or lows.
Gold is up 13.17% 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 is one of the most direct ways to invest in the asset. It can also involve storage or insurance costs.
The “spread” is the difference between buying and selling prices when trading physical gold. That spread can ultimately reduce investor gains. Dealers include their own markups and fees into those spreads. As a result, you might pay more to purchase gold than the current spot price. Similarly, your sale price might be less than what gold is trading at.
Some alternatives include gold exchange-traded funds, certificates and trusts. These can offer additional liquidity and make transactions easier. However, these methods usually include management fees, and they might not track the price of gold precisely.
So, spot prices are really more of a benchmark. The cost to buy or sell gold will likely include transaction costs or fees.
Precious metals spot 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 $30.11 per ounce, as of 9 a.m. ET. That’s up 2.22% from the previous day’s silver price per ounce and up 25.84% since the beginning of the year.
The lowest trading price within the last day: $29.39 per ounce. The highest silver spot price in the last 24 hours: $30.49 per ounce.
Price of platinum
Platinum is another precious metal that commands attention. Rarer than gold and silver, its primary use is in automotive catalytic converters, which help reduce harmful emissions. Given the push for cleaner automotive technologies, the demand dynamics for platinum can vary, influencing its spot price.
The price of platinum opened at $974.56 per ounce, as of 9 a.m. ET. That’s down 0.81% from yesterday’s platinum price per ounce and down 1.34% year to date.
The lowest trading price within the last 24 hours: $972.70 per ounce. The highest platinum spot price in the last 24 hours: $990.22 per ounce.
Price of palladium
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 $905.25 per ounce, as of 9 a.m. ET. That’s down 0.52% from yesterday’s palladium price per ounce and down 17.67% year to date.
The lowest trading price within the last 24 hours: $903.44 per ounce. The highest palladium spot price in the last 24 hours: $921.75 per ounce.
Frequently asked questions (FAQs)
The highest price gold ever reached was $2,450.06 on May 20, 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’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 20, 2024, the price of gold rose from $2,066.32 per troy ounce to $2,338.48, representing a 13.17% increase.
