How much is gold per ounce?
The price of gold traded at $2,681.81 per troy ounce, as of 9 a.m. ET. That’s up 1.26% from yesterday’s gold price per ounce and up 29.79% since the beginning of the year.
The lowest trading price within the last 24 hours: $2,646.14 per ounce. The highest gold spot price in the last 24 hours: $2,685.27 per ounce.
Gold spot prices
The spot gold price is XAU/USD, representing its price in U.S. dollars. For this symbol, it’s gold (XAU) trading against the dollar (USD). Other markets, though, trade in different currencies. The best-known labels include XAU/EUR for trading euros and XAU/GBP for British pounds.
Spot gold prices are listed as the price for a troy ounce. Troy ounces are used for trading precious metals and are slightly heavier than a standard ounce. However, prices can also be quoted in grams or kilos, so pay attention to the units.
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 29.79% from the beginning of the year, as of 9 a.m. ET. The 52-week intraday high reached $2,685.61 on Sept. 26, 2024, and the 52-week intraday low dropped to $1,907.65 on Oct. 16, 2023.
Remember that the spot price of gold is quoted in real time and represents the current price at which gold can be bought or sold for immediate delivery. For most investors, the spot price usually differs from the price they’ll pay or receive when they decide to purchase or sell their gold.
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 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.
Price of silver
Silver is a traditional store of value but is also used in industry. Some investors might use it to hedge against a bad economy, but it has many applications. The electronics, health care, and automotive sectors all rely on silver, which makes its market dynamics distinct from gold in notable ways.
The price of silver opened at $31.92 per ounce, as of 9 a.m. ET. That’s up 3.07% from the previous day’s silver price per ounce and up 33.41% since the beginning of the year.
The lowest trading price within the last day: $30.97 per ounce. The highest silver spot price in the last 24 hours: $32.18 per ounce.
Platinum spot prices
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 $995.25 per ounce, as of 9 a.m. ET. That’s up 1.65% from yesterday’s platinum price per ounce and up 0.76% year to date.
The lowest trading price within the last 24 hours: $986.30 per ounce. The highest platinum spot price in the last 24 hours: $1,002.80 per ounce.
Price of palladium
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 $1,017.12 per ounce, as of 9 a.m. ET. That’s up 0.26% from yesterday’s palladium price per ounce and down 7.50% year to date.
The lowest trading price within the last 24 hours: $1,008.75 per ounce. The highest palladium spot price in the last 24 hours: $1,029.45 per ounce.
Frequently asked questions (FAQs)
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.”
The highest price gold ever reached was $2,685.61 on Sept. 26, 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.