Stay Updated with Gold Prices on Metals Radar
Gold has long been valued as a reliable store of wealth, offering financial security and investment diversification. Whether you’re looking to hedge against inflation, protect your assets, or simply track the market, monitoring gold price trends can help you determine the best time to buy or sell.
Our interactive chart allows you to view historical price trends, with options to examine data from the past month, quarter, year, five years, or even two decades.
What is the gold ‘spot price’?
The gold spot price represents the current market value of pure gold per troy ounce (31.1 grams). This price reflects 24-carat gold with a purity of 99.99%. If you’re valuing gold jewellery, the actual worth may be lower depending on its gold content and craftsmanship.
Understanding troy ounces
Precious metals like gold are measured in troy ounces, a unit heavier than a standard ounce. One troy ounce equals 31.1035 grams, whereas a regular ounce is 28.3495 grams. There are approximately 32.15 troy ounces in one kilogram.
When purchasing investment-grade gold, weights are typically given in troy ounces. Gold bars and coins are available in various sizes, from small fractional pieces like 1/10 oz coins to substantial 100 oz bars.
Who determines gold prices?
Gold prices are influenced by various global financial institutions and markets. In the UK, the London Bullion Market Association (LBMA) sets the gold benchmark price twice daily. This differs slightly from the continuously changing spot price, as it helps stabilise transactions for large-scale gold purchases. In the United States, the COMEX (CME Group) plays a significant role in gold pricing.
Factors influencing gold prices
Several key elements impact the price of gold, including supply and demand, interest rates, and currency fluctuations. Understanding these factors can help investors anticipate price movements.
Supply and demand
Gold is a finite resource, and its availability influences price trends. As mining becomes more challenging and costly, the supply may slow, driving prices up. Predictions suggest that gold extraction could become less feasible by 2050, which may further increase its value.
Gold demand comes from various sectors, including:
- Jewellery: The largest consumer of gold, particularly in regions like India and China.
- Investments: Investors purchase gold as a hedge against economic instability.
- Technology & Industry: Gold is used in electronics, medical devices, and aerospace applications.
- Central Banks: Many governments hold gold reserves to stabilise national economies.
Stay updated on gold prices
Use Metals Radar’s live price tracker to monitor real-time market movements and assess the best times to buy or sell. Our historical data tools allow you to analyse long-term trends, helping you make well-informed investment choices. Whether you’re a seasoned investor or new to the market, keeping an eye on gold prices is key to maximising your returns.