Gold price August 20, 2024
5 min read
How much is gold per ounce?
Gold was trading at $2,525.89 per troy ounce as of 9 a.m. ET. That’s a +1.38% change since yesterday. The precious metal is up 22.24% since Jan. 1, 2024.
Over the last day, its highest trading price was $2,531.72, while its lowest was $2,485.82.
Current gold 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 spot prices for gold over the last year. The data was updated at 9 a.m. ET and does not include intraday highs or lows.
Gold is up 22.24% from the beginning of the year, as of 9 a.m. ET. The 52-week intraday high reached $2,531.72 on Aug. 20, 2024, and the 52-week intraday low dropped to $1,810.10 on Oct. 6, 2023.
Keep in mind that gold prices change in real time. Spot prices when you purchase may be significantly different if and when you decide to sell.
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 $29.82 per ounce, as of 9 a.m. ET. That’s up 2.88% from the previous day’s silver price per ounce and up 24.65% since the beginning of the year.
The lowest trading price within the last day: $28.90 per ounce. The highest silver spot price in the last 24 hours: $29.97 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 $963.65 per ounce, as of 9 a.m. ET. That’s up 1.61% from yesterday’s platinum price per ounce and down 2.44% year to date.
The lowest trading price within the last 24 hours: $951.76 per ounce. The highest platinum spot price in the last 24 hours: $966.65 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 $946.24 per ounce, as of 9 a.m. ET. That’s up 1.97% from yesterday’s palladium price per ounce and down 13.94% year to date.
The lowest trading price within the last 24 hours: $924.00 per ounce. The highest palladium spot price in the last 24 hours: $949.65 per ounce.
Frequently asked questions (FAQs)
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 Aug. 20, 2024, the price of gold rose from $2,066.32 per troy ounce to $2,525.89, representing a 22.24% increase.
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.”
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