How much is gold per ounce?
At 9 a.m. ET, the price of gold is $2,403.90 per troy ounce, showing a 0.44% change from yesterday and a 16.34% increase since the beginning of the year. The lowest price in the last 24 hours was $2,379.07, while the highest was $2,406.98.
Current gold prices
The spot price of gold, traded in U.S. dollars under XAU/USD, represents the price at which gold can be exchanged and delivered. While typically listed per troy ounce, prices can also be in grams or kilograms, with one troy ounce equivalent to 1.097 standard ounces.
Price of gold chart
The chart displaying the gold spot price trend over the year shows an upward trajectory, with a 52-week high of $2,483.74 on July 17, 2024, and a low of $1,810.10 on Oct. 6, 2023.
How to invest in gold
Investing in gold can be done through physical ownership, but considerations like storage and insurance costs are involved. Alternatives include gold exchange-traded funds, certificates, and trusts for easier transactions, although they may come with management fees and slight deviations from the gold price.
Precious metals prices
Precious metals like silver, platinum, and palladium, with various industrial uses, fluctuate based on market forces and demand. Their prices are influenced by factors beyond investment trends due to these additional applications.
Silver spot prices
While silver is a valuable metal for hedging against economic volatility, its industrial applications play a crucial role in its price fluctuations. Currently, silver is traded at $27.07 per ounce.
Price of platinum
Platinum, rarer than gold and silver, is primarily used in catalytic converters for emission reduction in automobiles. It is priced at $932.44 per ounce and has seen an increase of 2.06% from the previous day.
Palladium spot prices
Another metal used in catalytic converters, palladium, has a price of $910.00 per ounce. With its scarcity and strict emission standards driving demand, its price has seen a 5.72% increase from yesterday.
Frequently asked questions (FAQs)
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.
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.
