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 it’s up by 22.52% compared to a year ago.
Recent Price Changes
- Yesterday’s Price: $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 a popular choice for investors looking to protect against inflation and economic uncertainty. It tends to hold its value and is easily traded, making it a reliable investment during unstable times. According to finance professor Dennis Shirshikov, gold’s inherent value and liquidity make it a good investment option.
Historical Performance
Historically, gold has provided lower annual returns compared to stocks. Between 1971 and 2024, stocks averaged a 10.7% annual return, while gold averaged 7.9% per year.
Spot Price and Market Spread
The spot price of gold is the current rate for buying or selling gold immediately, influenced by supply and demand. The price spread, which is the difference between buying and selling prices, shows how liquid the market is. Smaller spreads indicate higher demand and a more active market.
Ways to Invest in Gold
There are several methods to invest in gold:
- Gold Bars: Pure gold bars with marked weight and purity.
- Gold Coins: Collectible coins like the American Gold Eagle.
- Gold Jewelry: Jewelry priced higher due to 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?
Given the current inflation rates, many investors are turning to gold to diversify their portfolios and reduce risk. Experts, including J.P. Morgan, forecast that gold prices could reach an average of $2,500 per ounce by the end of 2024. This could be a good opportunity to add gold to your investment strategy.
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 investments. With various investment options available, it offers flexibility for different investment strategies.
