As of the latest update, 1 ounce (oz) of gold is valued at $2,626.60 USD.
The price of gold, often referred to as the spot price, constantly fluctuates based on various global economic factors, market demand, and geopolitical events. The prices listed reflect the immediate market value for one troy ounce of 99.9% pure gold, which is the standard measurement in the precious metals industry.
Understanding Gold Prices by Weight
Gold is traded globally, and its price is quoted not only per ounce but also per gram and per kilogram to accommodate different investment and purchasing scales. These values represent the current market rate for physical gold.
Here’s a breakdown of current gold prices by common weight measurements:
| Gold Measurement | Current Price | Spot Change |
|---|---|---|
| Per Ounce | $2,626.60 USD | - ($18.00) USD |
| Per Gram | $84.45 USD | - ($0.58) USD |
| Per Kilo | $84,447.09 USD | - ($578.71) USD |
Prices last updated: 12/23/2024 3:18:37 PM ET
Factors Influencing Gold Prices
- Supply and Demand: Like any commodity, gold prices are heavily influenced by the balance between its availability and the demand from investors, jewelers, and industrial users.
- Economic Uncertainty: During times of economic instability, inflation, or currency devaluation, gold often serves as a safe-haven asset, leading to increased demand and higher prices.
- Interest Rates: Higher interest rates can make non-yielding assets like gold less attractive compared to interest-bearing investments, potentially putting downward pressure on gold prices.
- Geopolitical Events: Wars, political crises, and international tensions can drive up gold prices as investors seek stability.
- Currency Strength: Gold is typically priced in U.S. dollars. A stronger dollar can make gold more expensive for buyers using other currencies, potentially impacting demand.
Understanding these factors can help in comprehending the daily fluctuations in gold's market value.
