Gold price July 23, 2024
How much is gold per ounce?
Gold was trading at $2,405.52 per troy ounce as of 9 a.m. ET. That’s a +0.46% change since yesterday. The precious metal is up 16.42% since Jan. 1, 2024.
Over the last day, its highest trading price was $2,412.09, while its lowest was $2,384.02.
Gold spot 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.
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.
Year to date, gold is up 16.42% 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.
How to invest 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
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 $29.02 per ounce, as of 9 a.m. ET. That’s up 0.75% from the previous day’s silver price per ounce and up 21.28% since the beginning of the year.
The lowest trading price within the last day: $28.67 per ounce. The highest silver spot price in the last 24 hours: $29.30 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 $950.00 per ounce, as of 9 a.m. ET. That’s up 0.56% from yesterday’s platinum price per ounce and down 3.82% year to date.
The lowest trading price within the last 24 hours: $943.50 per ounce. The highest platinum spot price in the last 24 hours: $960.00 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 $915.38 per ounce, as of 9 a.m. ET. That’s up 1.93% from yesterday’s palladium price per ounce and down 16.75% year to date.
The lowest trading price within the last 24 hours: $895.66 per ounce. The highest palladium spot price in the last 24 hours: $927.71 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 July 23, 2024, the price of gold rose from $2,066.32 per troy ounce to $2,405.52, representing a 16.42% 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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