Stay Updated with Gold Prices on Metals Radar
Track the price of gold with Metals Radar’s live gold prices feed. We refresh our prices every few minutes so you can continuously monitor the gold market and make informed decisions when buying or selling gold. Our chart automatically displays the live spot price of gold per oz in US Dollars, but you can change this to view the chart in your local currency.
Gold is a universal currency that makes an excellent investment no matter where you are in the world. Investing in gold is a timeless way to preserve your wealth, diversify your investment portfolio, and hedge against inflation. But like any investment, gold’s price can be unpredictable and experience fluctuations. Keeping track of its movements can help you spot ideal opportunities to buy or sell this precious yellow metal.
Refer back to this chart to see the current gold price and assess the value of your investments. You can also study gold’s historical performance by changing the view to display price movements over the last quarter, month, year, five years, and 20 years.
What is the gold ‘spot price’?
The spot price of gold refers to its current market price in US dollars per troy ounce (31.1g). Note that gold prices refer to 99.99% 24-carat pure gold. If you’re trying to value gold jewelry, it may be worth less than the current spot price depending on its gold content.
What’s a troy ounce?
Gold and other precious metals are measured in troy ounces (i.e. a “gold ounce”). This is slightly heavier than a regular ounce. One troy ounce is equivalent to 31.1035 grams (regular ounces are 28.3495 grams). There are 32.15 troy ounces in one kilogram.
When you buy investment-grade gold bullion bars and coins, their weight will always refer to troy ounces. You can usually buy gold bullion in a range of sizes, from 1/10 oz for a small gold coin to 100 oz for a hefty gold bar.
Who sets the price of gold?
Gold prices are set by several parties, including different banks, an oversight committee, and a panel of internal and external chair members. Its price is based on supply and demand in the gold futures derivative markets and set in both a ‘spot price’ and ‘fixed price’. These prices are set by Comex (CME) in the United States and the London Bullion Market Association (LBMA) in the UK.
The LBMA gold price is set twice daily and differs slightly from the spot price. This price is used when placing large orders of gold, balancing the minute-by-minute fluctuations of the spot price. LBMA also sets the gold industry standard for quality, also known as good delivery.
What drives gold prices?
Various factors affect the price of gold, including supply and demand, interest rates, and the value of the US Dollar. All of these factors can impact whether gold’s price is moving up or down.
Supply and demand
Gold is a finite resource and the balance of supply and demand can greatly affect its prices. Naturally, when demand for gold is higher than supply, its price will increase. It’s said that most of the ‘easy’ gold on earth has already been mined. This means that gold mining operations are becoming more costly than before, potentially slowing down the rate of supply. Some predictions state that gold mining will become unsustainable by 2050, during which time it’s likely that gold prices will skyrocket.
Demand for gold comes from various places, including:
Metals Radar provides an up-to-the-minute chart to help you monitor silver price fluctuations. The chart, updated frequently throughout the day, offers the most current spot prices, displayed per ounce in US dollars by default, but you can easily switch to Australian dollars or other currencies.
Silver presents an attractive investment opportunity, often delivering similar advantages to gold but at a more affordable entry point. It’s known for diversifying portfolios, hedging against inflation, and acting as a physical asset that maintains value over time. Silver’s unique industrial applications—thanks to its distinctive properties—set it apart from gold, making it highly sought after in various sectors. This dual demand from investors and industries contributes to silver’s price volatility, emphasising the need to keep track of price movements to make well-informed decisions.
Visit our chart regularly to stay informed on the latest spot prices and to identify prime times for purchasing or selling. The tool also allows you to look at historical prices, with options to view data over the past month, quarter, year, or even up to 20 years.
What is a Silver ‘Spot Price’?
The spot price represents the current market value of pure silver, expressed in US dollars per troy ounce (31.1 grams). This benchmark indicates what you might pay when purchasing an ounce of silver.
However, keep in mind that this price applies only to pure silver. The price can vary due to purity levels and additional premiums depending on the form—whether bars, coins, or jewellery.
Understanding Troy Ounces
Silver and other precious metals are commonly weighed in troy ounces. A troy ounce differs from the standard ounce, measuring 31.1035 grams compared to the typical 28.3495 grams. For reference, one kilogram equals approximately 32.15 troy ounces.
You’ll often see pricing based on troy ounces when purchasing investment-grade silver bars or coins. Silver coins usually range from 1/10 oz to 2 oz, while bars can be found in larger denominations, going from 1 oz to as much as 100 oz.
How is Silver’s Price Determined?
Key international exchanges, including the London Bullion Market Association (LBMA), establish the price of silver. The LBMA conducts a daily auction involving various financial institutions to set a global benchmark price, the silver spot price.
Prices are influenced by activity on other major exchanges, such as the Commodity Exchange (COMEX) and the Shanghai Gold Exchange (SGE), which all contribute to the spot price reflected on the market.
What Influences the Price of Silver?
A range of factors impact silver’s value, including market supply and demand, economic conditions, technological advancements, and currency shifts.
- Supply and Demand: Like any traded commodity, silver’s value depends on its availability and demand. For instance, disruptions in mining, such as worker strikes, can reduce supply, driving up prices.
- Additionally, recycled silver—often sourced from old jewellery, electronics, and other equipment—affects supply levels. A high supply of recycled silver may push prices down.
- Technological Developments: Silver’s unique properties make it essential in technology sectors, including electronics and renewable energy. Innovations requiring silver can increase its demand and price, while advancements that find alternatives might lower it.
- Investor Activity: Investors turn to silver as a secure asset, especially during economic uncertainty. Increased demand in such periods often leads to price rises. Various factors, including geopolitical events, can sway investor sentiment.
- Gold and Silver Relationship: The prices of gold and silver are interconnected. The gold-to-silver ratio provides insight into how they influence each other. Historically, when gold prices rise, silver often declines, and vice versa.
- Global Events: Silver’s status as a safe-haven asset means its price is sensitive to global circumstances, such as political unrest or natural disasters. For example, mining disruptions in a major producing country can lead to a spike in silver prices. The COVID-19 pandemic also drove up demand for silver due to increased reliance on technology and its industrial uses.
Is Now a Good Time to Buy Silver?
Adding silver to your investment portfolio can provide stability and reduce risk, especially if other assets like shares or bonds decline in value. Silver often performs well in these situations, making it a practical hedge.
Traders often analyse silver charts to identify ideal buy and sell times. By combining these trends with current market factors, you can make better decisions on whether to invest now or wait for more favourable conditions.
For those looking to buy silver immediately, Metals Radar’s tool compares prices from reputable Australian bullion dealers, ensuring you get the best deal possible.
Will Silver Prices Go Up or Down?
Silver’s market is known for its volatility, making it challenging to predict future trends. However, you can develop an informed outlook by studying price history and considering the variables affecting silver’s value.
Use Metals Radar’s chart to explore silver’s behaviour over the past 10 to 20 years and understand how it reacts to different scenarios. This will help you make educated predictions about future prices.
Historical Silver Price Peaks
Silver reached its highest recorded price in January 1980 at $49.45 per ounce. After a sharp drop, it wasn’t until April 2011 that silver again approached similar levels, reaching USD 48.70.
Investing in Silver Bullion
Investing in silver bullion bars or coins is a popular method for acquiring silver. Below are options for Australian investors:
- Silver Bars: These bars, containing at least 999.0 fine silver, are typically produced by private mints. They are ideal for investors looking to buy in bulk, as they are often closer in price to the spot rate. Bars range from 1 oz to 100 oz, suitable for long-term holding, though less flexible for selling small amounts.
- Silver Coins: Government and private mints produce silver coins, often with a higher premium than bars. Coins are popular for smaller purchases or collectors interested in historical value. They come in various sizes, from 1/10 oz to 2 oz, allowing for more liquidity. Well-known coins include the Australian Silver Kangaroo, American Silver Eagle, Canadian Silver Maple Leaf, and British Silver Britannia.
Finding the Best Deals on Silver
Metals Radar’s comparison tool helps you find the best prices on silver bars and coins from trusted Australian dealers. Use our service to ensure you get the most value from your investment.