How much is gold per ounce?
The price of gold traded at $2,393.34 per troy ounce, as of 9 a.m. ET. That’s up 0.74% from yesterday’s gold price per ounce and up 15.83% since the beginning of the year.
The lowest trading price within the last 24 hours: $2,375.65 per ounce. The highest gold spot price in the last 24 hours: $2,418.35 per ounce.
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Current gold prices
XAU/USD is the label for finding the spot gold price traded in U.S. dollars. In this case, gold (XAU) is traded against the dollar, and the price represents the cost of one (troy) ounce of gold in USD. But there are other foreign exchange markets, such as XAU/EUR for trading in euros and XAU/GBP for trading in British pounds.
The spot gold price represents the price at which gold can be exchanged and delivered. Prices are typically quoted in gold price per troy ounce in U.S. dollars, but they can also be quoted per gram and kilo. A troy ounce is slightly heavier than a standard ounce.
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 15.83% from the beginning of the year, as of 9 a.m. ET. The 52-week intraday high reached $2,483.74 on July 17, 2024, and the 52-week intraday low dropped to $1,810.10 on Oct. 6, 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 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 are often used as investment vehicles but also have industrial uses. Like gold, the price of commodities like palladium, silver and platinum varies based on market forces. Due to their industrial applications, they also have other sources of demand.
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 $26.74 per ounce, as of 9 a.m. ET. That’s up 0.15% from the previous day's silver price per ounce and up 11.75% since the beginning of the year.
The lowest trading price within the last day: $26.61 per ounce. The highest silver spot price in the last 24 hours: $27.57 per ounce.
Platinum spot prices
Platinum is rarer than gold or silver. The precious metal is used in catalytic converters to reduce exhaust fumes. As the auto industry pushes for cleaner cars, demand could rise, making platinum prices volatile and more challenging to predict.
The price of platinum opened at $913.64 per ounce, as of 9 a.m. ET. That’s down 0.43% from yesterday’s platinum price per ounce and down 7.50% year to date.
The lowest trading price within the last 24 hours: $909.00 per ounce. The highest platinum spot price in the last 24 hours: $923.35 per ounce.
Price of palladium
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 $860.76 per ounce, as of 9 a.m. ET. That’s up 0.53% from yesterday’s palladium price per ounce and down 21.72% year to date.
The lowest trading price within the last 24 hours: $842.00 per ounce. The highest palladium spot price in the last 24 hours: $869.50 per ounce.
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APMEX offers wide range of precious metals to help you protect your wealth.
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Frequently asked questions (FAQs)
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 Aug. 6, 2024, the price of gold rose from $2,066.32 per troy ounce to $2,393.34, representing a 15.83% increase.
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.
