USA TODAY Blueprint may receive compensation from this advertiser. As of 9 a.m. ET, the price of gold is trading at $2,028.80 per troy ounce, down 0.07% from yesterday and 1.82% from the beginning of the year. Throughout the last 24 hours, the lowest trading price was $2,022.98 per ounce, with the highest reaching $2,032.33 per ounce. Gold spot prices are labeled XAU/USD to represent the cost of one (troy) ounce of gold in U.S. dollars, but can also be traded in euros (XAU/EUR) and British pounds (XAU/GBP).
While the spot price serves as a benchmark for the value of gold, actual returns and costs for investors can differ based on the medium of purchase and specific investment details. Physical gold trading includes overheads like storage costs and insurance while gold certificates, gold exchange-traded funds, and gold trusts offer more liquidity but come with risks.
Silver, platinum, and palladium, which also serve as investment and industrial commodities, have their own spot prices that fluctuate based on various factors. Silver opened at $23.07 per ounce, platinum at $899.58, and palladium at $972.83 as of 9 a.m. ET.
Deciding whether it is a good time to buy gold depends on various factors including investment goals, risk tolerance, time horizon, and the broader economic outlook. Gold can serve as a hedge against inflation and currency fluctuations, as well as a store of value during economic downturns. Gold also has a strong track record of delivering these qualities, says Joseph Cavatoni, chief market strategist for North America at the World Gold Council.
The highest price gold ever reached was $2,148.78 on Dec. 4, 2023, and $1,971.17 in August 2020 amid the COVID-19 pandemic. With economic uncertainty surrounding the pandemic, central banks implementing low-interest rate policies, and geopolitical tensions, demand for gold increased, driving its price to a record high. While the pandemic was a significant contributor to the rise in gold prices, other factors likely also played a part.
