Gold price September 3, 2024
What is the price of gold today?
As of 9 a.m. ET, gold was trading at $2,493.35 per troy ounce. That price represents a change of -0.31% from the same time yesterday. Since the start of the year, the price has shifted up 20.67%.
Over the last day, the lowest price for an ounce of gold was $2,475.82. The highest price in the previous 24 hours: $2,506.28.
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.
Price of gold chart
This chart shows how gold spot prices have changed over the last year. The data iss updated at 9 a.m. ET and doesn’t have intraday lows or highs.
Year to date, gold is up 20.67% 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.
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 have a long history of being used as stores of value and industrial commodities. It’s not just gold. Metals, including platinum, silver and palladium, are regularly traded. Their prices also fluctuate based on various market factors.
Silver spot prices
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 $28.35 per ounce, as of 9 a.m. ET. That’s down 0.78% from the previous day’s silver price per ounce and up 18.50% since the beginning of the year.
The lowest trading price within the last day: $27.87 per ounce. The highest silver spot price in the last 24 hours: $28.67 per ounce.
Platinum spot prices
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 $915.90 per ounce, as of 9 a.m. ET. That’s down 1.27% from yesterday’s platinum price per ounce and down 7.27% year to date.
The lowest trading price within the last 24 hours: $911.30 per ounce. The highest platinum spot price in the last 24 hours: $932.30 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 $960.20 per ounce, as of 9 a.m. ET. That’s down 1.36% from yesterday’s palladium price per ounce and down 12.67% year to date.
The lowest trading price within the last 24 hours: $950.65 per ounce. The highest palladium spot price in the last 24 hours: $983.25 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 Sept. 3, 2024, the price of gold rose from $2,066.32 per troy ounce to $2,493.35, representing a 20.67% 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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