Gold price today: Gold is up 0.23%, trading at $2,633.10
How much is gold per ounce?
The price of gold traded at $2,633.10 per troy ounce, as of 9 a.m. ET. That’s up 0.23% from yesterday’s gold price per ounce and up 27.43% since the beginning of the year.
The lowest trading price within the last 24 hours: $2,622.81 per ounce. The highest gold spot price in the last 24 hours: $2,640.01 per ounce.
Gold spot 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.
Price of gold 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 27.43% from the beginning of the year, as of 9 a.m. ET. The 52-week intraday high reached $2,640.01 on Sept. 24, 2024, and the 52-week intraday low dropped to $1,810.10 on Oct. 6, 2023.
Keep in mind that gold prices change in real time. Spot prices when you purchase may be significantly different if and when you decide to sell.
How to invest 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 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 $30.91 per ounce, as of 9 a.m. ET. That’s up 0.22% from the previous day’s silver price per ounce and up 29.20% since the beginning of the year.
The lowest trading price within the last day: $30.63 per ounce. The highest silver spot price in the last 24 hours: $31.19 per ounce.
Platinum spot prices
Platinum is another precious metal much rarer than gold or silver. It’s primarily used in automotive catalytic converters that reduce emissions. With the push for cleaner cars, which don’t need autocatalysts, demand for platinum wavers.
The price of platinum opened at $978.35 per ounce, as of 9 a.m. ET. That’s up 1.44% from yesterday’s platinum price per ounce and down 0.95% year to date.
The lowest trading price within the last 24 hours: $959.05 per ounce. The highest platinum spot price in the last 24 hours: $978.35 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 $1,058.00 per ounce, as of 9 a.m. ET. That’s up 0.23% from yesterday’s palladium price per ounce and down 3.78% year to date.
The lowest trading price within the last 24 hours: $1,035.93 per ounce. The highest palladium spot price in the last 24 hours: $1,069.25 per ounce.
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 Sept. 24, 2024, the price of gold rose from $2,066.32 per troy ounce to $2,633.10, representing a 27.43% 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.