Gold price August 27, 2024
4 min read
How much is gold per ounce?
As of 9 a.m. ET, gold was trading at $2,510.24 per troy ounce. That price represents a change of -0.53% from the same time yesterday. Since the start of the year, the price has shifted up 21.48%.
Over the last day, the lowest price for an ounce of gold was $2,503.64. The highest price in the previous 24 hours: $2,526.44.
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 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 21.48% 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
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 have long served as investment vehicles and industrial commodities. Like gold, the spot prices of silver, platinum and palladium fluctuate based on various market, economic and geopolitical factors.
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 $29.94 per ounce, as of 9 a.m. ET. That’s down 0.13% from the previous day’s silver price per ounce and up 25.13% since the beginning of the year.
The lowest trading price within the last day: $29.74 per ounce. The highest silver spot price in the last 24 hours: $30.08 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 $959.55 per ounce, as of 9 a.m. ET. That’s down 1.93% from yesterday’s platinum price per ounce and down 2.85% year to date.
The lowest trading price within the last 24 hours: $955.53 per ounce. The highest platinum spot price in the last 24 hours: $981.20 per ounce.
Price of palladium
Another precious metal used in catalytic converters is palladium. The trend toward stricter emission standards may support demand. Combined with palladium’s scarcity, the metal can also have significant price fluctuations.
The price of palladium is $971.75 per ounce, as of 9 a.m. ET. That’s down 0.38% from yesterday’s palladium price per ounce and down 11.62% year to date.
The lowest trading price within the last 24 hours: $958.75 per ounce. The highest palladium spot price in the last 24 hours: $981.50 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. 27, 2024, the price of gold rose from $2,066.32 per troy ounce to $2,510.24, representing a 21.48% increase.
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.
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