Gold price today: Gold is up 16.46% this year

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What is the price of gold today?

As of 9 a.m. ET, gold was trading at $2,406.40 per troy ounce. That price represents a change of 1.20% from the same time yesterday. Since the start of the year, the price has shifted up 16.46%.

Over the last day, the lowest price for an ounce of gold was $2,370.01. The highest price in the previous 24 hours: $2,412.99.

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.

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 16.46% from the beginning of the year, 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.

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.

Price of silver

Some investors use Silver to hedge against economic volatility. Besides its monetary value, silver has plenty of industrial uses. Precious metals are used in medicine, electronics, automobiles, and more. As a result, it trades differently than gold.

The price of silver opened at $31.65 per ounce, as of 9 a.m. ET. That’s up 2.17% from the previous day’s silver price per ounce and up 32.30% since the beginning of the year.

The lowest trading price within the last day: $30.65 per ounce. The highest silver spot price in the last 24 hours: $31.75 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 $1,008.25 per ounce, as of 9 a.m. ET. That’s up 1.14% from yesterday’s platinum price per ounce and up 2.08% 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: $1,012.94 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 $1,006.60 per ounce, as of 9 a.m. ET. That’s up 0.99% from yesterday’s palladium price per ounce and down 8.45% year to date.

The lowest trading price within the last 24 hours: $983.37 per ounce. The highest palladium spot price in the last 24 hours: $1,013.25 per ounce.

Frequently asked questions (FAQs)

The highest price gold ever reached was $2,450.06 on May 20, 2024.

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 July 11, 2024, the price of gold rose from $2,066.32 per troy ounce to $2,406.40, representing a 16.46% increase.