How much is gold per ounce?
Gold was trading at $2,486.90 per troy ounce as of 9 a.m. ET. That’s a -0.26% change since yesterday. The precious metal is up 20.35% since Jan. 1, 2024.
Over the last day, its highest trading price was $2,497.43, while its lowest was $2,472.02.
Gold spot 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.
Gold price chart
This chart shows how gold spot prices have changed over the last year. The data iss updated at 9 a.m. ET and doesn’t have intraday lows or highs.
Year to date, gold is up 20.35% as of 9 a.m. ET. The 52-week intraday high reached $2,531.72 on Aug. 20, 2024, and the 52-week intraday low dropped to $1,810.10 on Oct. 6, 2023.
Investing 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 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 $28.09 per ounce, as of 9 a.m. ET. That’s down 0.91% from the previous day’s silver price per ounce and up 17.42% since the beginning of the year.
The lowest trading price within the last day: $27.73 per ounce. The highest silver spot price in the last 24 hours: $28.39 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 $909.96 per ounce, as of 9 a.m. ET. That’s down 0.65% from yesterday’s platinum price per ounce and down 7.88% year to date.
The lowest trading price within the last 24 hours: $902.45 per ounce. The highest platinum spot price in the last 24 hours: $915.35 per ounce.
Palladium spot prices
Palladium is also essential in catalytic converters. Stricter emissions standards have also boosted the demand for precious metals. That rising demand and the metal’s scarcity have led to significant price volatility.
The price of palladium is $939.50 per ounce, as of 9 a.m. ET. That’s down 2.16% from yesterday’s palladium price per ounce and down 14.56% year to date.
The lowest trading price within the last 24 hours: $933.10 per ounce. The highest palladium spot price in the last 24 hours: $949.17 per ounce.
Frequently asked questions (FAQs)
It’s almost impossible to time the market to invest in gold. It can be a very volatile asset, and price fluctuations are difficult to predict.
Whether gold makes a good investment at present depends on various market conditions. What’s more, you should consider factors specific to you. Your time horizon, risk tolerance and investment goals are potentially more important than anything else.
Historically, gold has been seen as an inflation hedge and store of value during recessions. Others might use gold to diversify their portfolio from a concentration in stocks and bonds. Yet, like many investments, there’s no performance guarantee. Market conditions could easily defy your expectations.
The highest price gold ever reached was $2,531.72 on Aug. 20, 2024.