Current Gold Price
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:
- Jewelry: Almost half of all gold goes to jewelry, however because people buy and hold jewelry for several years, it doesn’t tend to influence gold prices.
- Gold exchange-traded funds (ETFs): Gold ETFs are securities that invest in gold bullion or gold mining companies. High demand for gold ETFs can drive up the price of gold.
- Industrial uses: Only a small amount of the world’s gold is allocated to industrial uses, however if industrial demand was to increase then gold’s price would too.
Interest rates
Gold’s price tends to have an inverse relationship with interest rates. This means that when interest rates fall, gold prices tend to increase, and vice versa. There is no direct correlation between the two, it’s just how the movements have gone historically.
It largely comes down to this: higher interest rates indicate a strong economy and a bullish market. During this time, people feel more confident to invest their money and the price of gold will naturally increase. That said, the relationship between gold prices and interest rates really depends on other economic factors at the time.
Value of the US dollar
Like many other natural resources, gold’s value is priced in US dollars. Traditionally, gold’s prices have tended to increase during times when the US dollar decreases. In other words, a stronger US dollar usually indicates low gold prices while a weakened dollar is likely to drive prices up.
This is part of what makes gold such an excellent hedge against inflation. During periods of currency devaluation, gold’s price will usually increase and allow investors to retain their purchasing power. It’s important to note that, while this is how gold has moved historically, it’s not always the case and sometimes gold even increases in value alongside the dollar.
Is now a good time to buy gold?
Investing in gold is always a good idea as it allows investors to diversify their portfolios and reduce overall risk. Gold’s value tends to increase when other assets, such as stocks, bonds, and property, decrease in value. This makes it a great hedge during periods of time when other assets may be performing poorly.
That said, those who engage in active gold trading like to study charts to find the best time to buy and sell gold. If this is what you’re interested in, we recommend visiting this chart frequently to understand gold’s price movements, study factors that influence gold’s price, and make your decision based on these factors.
Metals Radar can help you with this by showing where you can buy investment-grade gold bullion bars and coins at the lowest prices. Use our comparison tool to search the most trusted precious metals dealers for the best gold prices on the market today.
Will gold prices rise or fall in the future?
Gold prices experience constant fluctuations, making it difficult to predict its movements. That said, different investors create their own projections or forecasts depending on gold’s current price movements and its historical performance.
You can use Metals Radar’s gold prices chart to view the movements of gold over the last ten or 20 years. By studying this chart, and comparing the prices to political or economic events at those times, you can make your own predictions based on the current state of affairs.
What is the highest price of gold historically?
The highest price of gold ever recorded was in August 2020 during the COVID pandemic. Gold’s prices soared to more than $2,000 USD per oz for the first time. It remained at that level and then soared again in February 2022 during the Russian invasion of Ukraine.
Buy gold bullion
The best way to invest in gold is with gold bullion bars or coins. If you’re unsure which investment is best for you, we’ll compare the two below:
Gold bars
These are blocks of at least 99.5% pure gold minted by both government and private mints. Gold bars are closer to gold’s spot price and carry lower premiums, making them an excellent option for bulk gold purchases. They’re usually available in larger sizes, from 1 oz up to 100 oz, making them great for large investments but reducing liquidity as you cannot sell off parts of a bar without melting it all down.
Most gold bars have simple designs and are used purely for gold investment purposes. The best gold bars are manufactured by PAMP Suisse, Valcambi, Argor-Heraeus, and the Perth Mint.
Gold coins
These are coins made from 95.0% pure gold or higher, minted by mostly government mints. Gold coins carry higher premiums than gold bars, making them slightly more expensive, but can carry added value due to their collectible nature and (sometimes) historical significance. Gold coins are better for small purchases as you can buy them in smaller denominations, usually from 1/10 oz up to 2 oz.
Popular gold bullion coins include the Gold Krugerrand (South Africa), American Gold Eagle (USA), Gold Vienna Philharmonic (Austria), and Canadian Gold Maple Leaf (Canada).
Find the best gold prices online
Ready to invest in gold? You’ll find that gold prices can differ between different dealers and websites. To make the most of your investment, it’s worth finding the lowest prices on gold bullion so you can get more gold for your dollar.
Instead of trawling through dozens of websites, you can use Metals Radar’s comparison engine to find the lowest prices on gold and silver bullion bars and coins on the market today. We only search the most trusted precious metals dealers so you can purchase with confidence. Use our comparison tool and start investing today.