Gold price today: Gold is down 1.17% today
What is the price of gold today?
The price of gold traded at $2,639.23 per troy ounce, as of 9 a.m. ET. That’s down 1.17% from yesterday’s gold price per ounce and up 27.73% since the beginning of the year.
The lowest trading price within the last 24 hours: $2,634.55 per ounce. The highest gold spot price in the last 24 hours: $2,670.85 per ounce.
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.
Year to date, gold is up 27.73% 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 $1,810.10 on Oct. 6, 2023.
How to invest in gold
Owning physical gold isn’t like having stocks in an online brokerage. You’ll need a location to store it and likely want to insure it.
The difference between buying and selling prices is known as the spread if you’re trading physical gold. It’s something to note because that spread can end up eating your returns. Dealers typically fold markups and transaction fees into the spread. So your purchase price can be higher than current market rates. Likewise, the money you get for a sale may be less than the current spot rate.
Some alternatives to physical gold offer better liquidity. Those may include gold exchange-traded funds, gold certificates and gold trusts. While they can be easier to manage, they have their own risks. For instance, these investments can have management fees and may not precisely track prices.
Spot prices are, therefore, a general benchmark for gold prices. In practice, actual returns for trading gold can vary depending on your method.
Precious metals spot 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.
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 $31.36 per ounce, as of 9 a.m. ET. That’s down 2.40% from the previous day’s silver price per ounce and up 31.07% since the beginning of the year.
The lowest trading price within the last day: $31.05 per ounce. The highest silver spot price in the last 24 hours: $32.30 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 $982.15 per ounce, as of 9 a.m. ET. That’s down 3.34% from yesterday’s platinum price per ounce and down 0.57% year to date.
The lowest trading price within the last 24 hours: $981.15 per ounce. The highest platinum spot price in the last 24 hours: $1,018.85 per ounce.
Price of palladium
Another precious metal used in catalytic converters is palladium. The trend toward stricter emission standards may support demand. Combined with palladium’s scarcity, the metal can also have significant price fluctuations.
The price of palladium is $999.25 per ounce, as of 9 a.m. ET. That’s down 3.10% from yesterday’s palladium price per ounce and down 9.12% year to date.
The lowest trading price within the last 24 hours: $997.00 per ounce. The highest palladium spot price in the last 24 hours: $1,041.00 per ounce.
Frequently asked questions (FAQs)
The highest price gold ever reached was $2,685.61 on Sept. 26, 2024.
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.”