Gold price September 9, 2024
How much is gold per ounce?
As of 9 a.m. ET, gold was trading at $2,500.89 per troy ounce. That price represents a change of -0.82% from the same time yesterday. Since the start of the year, the price has shifted up 21.03%.
Over the last day, the lowest price for an ounce of gold was $2,485.26. The highest price in the previous 24 hours: $2,523.05.
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
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 21.03% 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.
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 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.
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 $28.14 per ounce, as of 9 a.m. ET. That’s down 2.82% from the previous day’s silver price per ounce and up 17.61% since the beginning of the year.
The lowest trading price within the last day: $27.69 per ounce. The highest silver spot price in the last 24 hours: $28.97 per ounce.
Platinum spot prices
Platinum is another precious metal much rarer than gold or silver. It’s primarily used in automotive catalytic converters that reduce emissions. With the push for cleaner cars, which don’t need autocatalysts, demand for platinum wavers.
The price of platinum opened at $940.47 per ounce, as of 9 a.m. ET. That’s up 0.01% from yesterday’s platinum price per ounce and down 4.79% year to date.
The lowest trading price within the last 24 hours: $915.05 per ounce. The highest platinum spot price in the last 24 hours: $945.72 per ounce.
Palladium spot prices
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 $936.25 per ounce, as of 9 a.m. ET. That’s down 2.67% from yesterday’s palladium price per ounce and down 14.85% year to date.
The lowest trading price within the last 24 hours: $910.75 per ounce. The highest palladium spot price in the last 24 hours: $961.94 per ounce.
Frequently asked questions (FAQs)
The highest price gold ever reached was $2,531.72 on Aug. 20, 2024.
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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