Gold price August 15, 2024

How much is gold per ounce?

Gold was trading at $2,441.40 per troy ounce as of 9 a.m. ET. That’s a -1.11% change since yesterday. The precious metal is up 18.15% since Jan. 1, 2024.

Over the last day, its highest trading price was $2,470.09, while its lowest was $2,432.28.

Current gold prices

The spot gold price is XAU/USD, representing its price in U.S. dollars. For this symbol, it’s gold (XAU) trading against the dollar (USD). Other markets, though, trade in different currencies. The best-known labels include XAU/EUR for trading euros and XAU/GBP for British pounds.

Spot gold prices are listed as the price for a troy ounce. Troy ounces are used for trading precious metals and are slightly heavier than a standard ounce. However, prices can also be quoted in grams or kilos, so pay attention to the units.

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 18.15% 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.

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 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 $27.98 per ounce, as of 9 a.m. ET. That’s up 0.48% from the previous day’s silver price per ounce and up 16.96% since the beginning of the year.

The lowest trading price within the last day: $27.18 per ounce. The highest silver spot price in the last 24 hours: $28.44 per ounce.

Price of platinum

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 $940.35 per ounce, as of 9 a.m. ET. That’s up 0.02% from yesterday’s platinum price per ounce and down 4.80% year to date.

The lowest trading price within the last 24 hours: $923.50 per ounce. The highest platinum spot price in the last 24 hours: $954.45 per ounce.

Palladium spot prices

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 $929.50 per ounce, as of 9 a.m. ET. That’s down 2.57% from yesterday’s palladium price per ounce and down 15.47% year to date.

The lowest trading price within the last 24 hours: $925.50 per ounce. The highest palladium spot price in the last 24 hours: $944.75 per ounce.

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