Gold price August 9, 2024
What is the price of gold today?
As of 9 a.m. ET, gold was trading at $2,429.73 per troy ounce. That price represents a change of 0.92% from the same time yesterday. Since the start of the year, the price has shifted up 17.59%.
Over the last day, the lowest price for an ounce of gold was $2,402.44. The highest price in the previous 24 hours: $2,433.19.
Gold spot prices
You can find gold spot prices in U.S. dollars under the label XAU/USD. In this case, the price shown is for one troy ounce and expressed in U.S. dollars. Foreign markets using different currencies have different listings. For example, there’s XAU/EUR for trading in euros or XAU/GBP for British pounds.
Gold’s spot price represents the price at which gold can be exchanged and delivered. Prices are typically listed in cost per troy ounce. But prices can also be listed in units like grams or kilograms. Troy ounces are units used almost exclusively for weighing precious metals. One troy ounce represents 1.097 standard ounces.
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 17.59% 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 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 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 $27.51 per ounce, as of 9 a.m. ET. That’s up 2.04% from the previous day’s silver price per ounce and up 14.96% since the beginning of the year.
The lowest trading price within the last day: $26.92 per ounce. The highest silver spot price in the last 24 hours: $27.76 per ounce.
Price of platinum
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 $926.10 per ounce, as of 9 a.m. ET. That’s up 0.31% from yesterday’s platinum price per ounce and down 6.24% year to date.
The lowest trading price within the last 24 hours: $924.30 per ounce. The highest platinum spot price in the last 24 hours: $942.81 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 $923.25 per ounce, as of 9 a.m. ET. That’s up 2.21% from yesterday’s palladium price per ounce and down 16.03% year to date.
The lowest trading price within the last 24 hours: $917.50 per ounce. The highest palladium spot price in the last 24 hours: $935.03 per ounce.
Frequently asked questions (FAQs)
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.”
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 August 9, 2024, the price of gold rose from $2,066.32 per troy ounce to $2,429.73, representing a 17.59% increase.
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