Current Gold Price
As of 9 a.m. Eastern Time today, gold is priced at $2,485.72 per ounce. This is a slight drop of 0.29% from yesterday’s $2,492.92 but shows an increase of 22.52% compared to a year ago.
Recent Price Changes
- Yesterday: $2,492.92 (Down 0.29%)
- One Month Ago: $2,441.33 (Up 1.79%)
- One Year Ago: $1,925.92 (Up 22.52%)
Gold as an Investment
Gold is often used to protect against inflation and economic downturns. It tends to keep its value over time and is easy to buy and sell, making it a stable choice for uncertain times. According to finance professor Dennis Shirshikov, gold’s lasting value and ease of trading make it a good investment.
Long-Term Performance
Historically, gold has provided lower annual returns compared to stocks. From 1971 to 2024, the stock market had an average annual return of 10.7%, while gold had an average return of 7.9%.
Understanding Spot Gold and Price Spread
The spot price of gold shows its current market value for immediate transactions. This price fluctuates with supply and demand. The price spread is the difference between the buying price (ask) and the selling price (bid). A smaller spread often means higher demand and a more active market.
How to Invest in Gold
There are several ways to invest in gold:
- Gold Bars: Bullion bars with marked purity and weight.
- Gold Coins: Collectible coins, such as the American Gold Eagle.
- Gold Jewelry: Often costs more due to its design and craftsmanship.
- Gold Futures Contracts: Agreements to buy gold at a set price in the future.
- Gold Funds: Mutual funds or ETFs that invest in gold assets.
Is It a Good Time to Invest?
With high inflation, many investors are looking at gold to diversify their portfolios and manage risk. Experts like J.P. Morgan predict gold prices may reach around $2,500 per ounce by the end of 2024, suggesting it could be a smart time to invest.
Current Precious Metals Prices
As of 9 a.m. ET today:
- Gold: $2,485.72 per ounce
- Silver: $28.07 per ounce
- Platinum: $908.85 per ounce
- Palladium: $944.91 per ounce
Conclusion
Gold continues to be a valuable asset for protecting against inflation and diversifying investment portfolios. With various investment options, it offers flexibility for both short-term and long-term financial goals.
