Gold price today: Gold is up 16.88% this year

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What is the price of gold today?

As of 9 a.m. ET, gold was trading at $2,415.02 per troy ounce. That price represents a change of 0.68% from the same time yesterday. Since the start of the year, the price has shifted up 16.88%.

Over the last day, the lowest price for an ounce of gold was $2,396.93. The highest price in the previous 24 hours: $2,420.81.

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.

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.

Year to date, gold is up 16.88% as of 9 a.m. ET. The 52-week intraday high reached $2,450.06 on May 20, 2024, and the 52-week intraday low dropped to $1,810.10 on Oct. 6, 2023.

How to invest 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.

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 $30.68 per ounce, as of 9 a.m. ET. That’s up 0.46% from the previous day’s silver price per ounce and up 28.24% since the beginning of the year.

The lowest trading price within the last day: $30.53 per ounce. The highest silver spot price in the last 24 hours: $31.01 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 $991.25 per ounce, as of 9 a.m. ET. That’s down 0.36% from yesterday’s platinum price per ounce and up 0.35% year to date.

The lowest trading price within the last 24 hours: $987.75 per ounce. The highest platinum spot price in the last 24 hours: $1,003.85 per ounce.

Palladium spot prices

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 $956.03 per ounce, as of 9 a.m. ET. That’s down 1.45% from yesterday’s palladium price per ounce and down 13.05% year to date.

The lowest trading price within the last 24 hours: $952.53 per ounce. The highest palladium spot price in the last 24 hours: $980.25 per ounce.

Frequently asked questions (FAQs)

The highest price gold ever reached was $2,450.06 on May 20, 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.

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.