Gold Price Basics
What is Gold spot price?
The spot price of Gold is the base price in unfabricated form without any markup. Because Gold spot prices are taken at different times in different locations around the world, Gold ounce prices vary. Commonly quoted Gold bullion price markets, or those who influence the markets, include New York City, Chicago, Handy and Harman, Engelhard, Republic National Bank, London, Zurich, Paris, Frankfurt and Hong Kong. When buying Gold in the United States, the current price of Gold per ounce will generally be based on the current price of Gold in New York or Chicago.
Why should I care about the Gold spot price?
The Gold spot price is important because it will affect your bottom line. The better Gold spot price, the better premium price you will pay as a buyer of Gold bullion like American Gold Eagles and Gold Buffalos, as well as South African Gold Krugerrands or Austrian Philharmonic coins. If you are selling Gold, you will want the highest possible Gold spot price to make the most potential profit. It doesn't matter whether you are buying Gold bars by the kilo or Gold coins by the ounce – the base price is the Gold spot price.
How is the current price of Gold per ounce determined?
Even in ancient times, the value of Gold was high. The Gold price today depends on many factors, including production, central bank reserves, the value of the U.S. dollar, worldwide jewelry and industrial demand, and economic downturns. The central banks in the United States, Germany, Italy and other places have an effect on the Gold price per ounce as they diversify their holdings. The price of Gold today goes up as central banks move away from paper money and buy more Gold. Live Gold prices are also, in part, typically based inversely on the value of the U.S. dollar – generally the stronger the dollar, the lower the value of Gold. Similarly, Gold value often goes up as economies falter. That is because many consider Gold a safe-haven for investments, as historical Gold prices generally are more stable over time than economies and other investments. Gold prices today are also greatly affected by the demand for Gold in jewelry. Jewelry made up about 58 percent of Gold demand worldwide in 2014 – up from 54 percent in 2010. This demand for Gold is due to Gold being seen as an enduring and endearing gift for weddings, festivals and other special events, and typically results in a strong 1 oz Gold price. In addition, determining what is the current price of Gold is affected by industrial demand, like the manufacture of medical devices, such as stents, and electronics, such as GPS units. Finally, the Gold coin price and Gold bar price are affected by how much Gold is available, which was at 183,600 tonnes of stocks above ground at the end of 2014.
What is the lowest price of Gold per ounce in the past 5 years?
When you look at the Gold prices chart, you will see the historical Gold price’s low point in the past five years occurred Dec. 2, 2015 at 12:30 p.m. (CT) when spot price Gold was at $1,057.10 USD per troy ounce. You can check out the price trends of Silver, Platinum and Palladium, too.
What is the highest price of Gold per ounce in the past 5 years?
The price of Gold chart shows the highest Gold ounce price was on Sept. 5, 2011 at 12:30 p.m. (CT), when Gold prices per ounce were $1,905.10 USD. You can check out the price trends of Silver, Platinum and Palladium, too.
What is the lowest ounce of Gold price in the past 10 years?
The lowest 1 oz Gold price in the past 10 years per the price of Gold chart happened on Dec. 21, 2005 at 12:30 p.m. (CT). Gold prices per ounce were $492.80 USD. You can check out the price trends of Silver, Platinum and Palladium, too.
What is the highest ounce of Gold price in the past 10 years?
In the past 10 years, the highest spot price Gold sold for was $1,905.10 USD per troy ounce. The price of Gold hit this high on Sept. 5, 2011, at 12:30 p.m. (CT). You can check out the price trends of Silver, Platinum and Palladium, too.
Are the Gold prices per ounce the same no matter where I live?
No matter where you are in the world, the spot Gold price is the same at any given moment. If the price of Gold was not the same, the opportunity for arbitrage would exist. This means you could simultaneously buy and sell Gold in different markets to take advantage of the current Gold price or premium differentials. Gold is traded in U.S. dollars so the ounce of Gold price is simply converted to the local currency to reflect the price for 1 troy ounce of .999 fine Gold. This is the basis for Gold bullion like Gold American Eagles and Gold American Buffalos, as well as collectible vintage coins that have high numismatic Gold value.
I've heard that Gold trades 24/7 – is that true? Is there a closing price daily?
Gold trading almost never stops. Find the Gold price today at almost any time, any place in the world. This distinguishes Gold from stocks, which have official trading hours and closing prices. There are no close-of-business Gold prices, although some firms capture a "closing Gold price." These companies typically either use the fixing price of Gold, reflecting the price at which buy and sell orders from the firms' customers are balanced, or they use a data vendor closing Gold price, which is often an arbitrary snapshot of Gold spot prices at a specific time each day. Trading goes from 6 p.m. (ET) to 5:15 p.m. (ET), Sunday to Friday, with markets closing for 45 minutes on weekdays.
When I see the spot price of Gold, is that in U.S. currency?
The Gold spot price quotes on APMEX.com are in U.S. dollars (USD), and the USD Gold spot prices are converted to local currency when needed.
What is a premium Gold bar price and Gold coin price, and why do I have to pay it?
You will see the spot Gold price per ounce and wonder why you have to pay a premium Gold price. The premium current Gold price reflects the spot price plus the costs of fabrication, distribution and a minimal dealer fee. The Gold coin price can also include numismatic or collectible Gold value. Any numismatic value can considerably add to the Gold price per gram or ounce. The rarer the coin, the higher the Gold coin values and therefore the higher the premium price. Of course, the good news is the value of Gold coins can also go up more dramatically when you sell later. Gold coin price premiums include considerations for scarcity, quality, demand and intangible factors like appeal because of artistic or historic value. Many investors consider Gold bullion the best investment because bullion has a lower premium without numismatic value. Favorite Gold bullion selections include Gold American Eagles, Canadian Gold Maple Leaf coins, South African Krugerrands and Austrian Gold Philharmonics.
What does numismatic value mean when you're looking at the Gold ounce price premium?
When you begin investing in Gold, you must determine if you want Gold only for its raw Gold value, or if you want to also collect Gold coins and other products that have a numismatic value. Numismatic is just a fancy term for the collectible aspect of coins, paper currency, medals or related objects. Gold coin prices are higher if there is a numismatic value. When you look at the Gold prices chart, you will find the spot Gold price, which is the base price. To that spot price for Gold, add costs for fabrication, distribution, a nominal dealer markup and numismatic value, which combine to give you the premium Gold price that you pay.
Why can't I buy at the Gold spot price? Is the dealer making a lot of money on my purchase?
You can't buy at the spot price of Gold because it does not include the costs of fabrication, distribution, a small dealer markup and any numismatic or collector Gold value added for highly sought-after Gold coins. The Gold bar value is typically very easy to determine because it is based on the spot Gold price you will find on a Gold price chart, plus fabrication, distribution and a small dealer markup. But Gold coin values are harder to estimate because they rely on where the coins were minted, the quantity of coins minted, the current coin condition, the desirability of the coins and more. As a result for dealers, the premium for Gold coin prices is also more than premium prices for Gold bars, and Gold coin values can be significantly higher for highly sought-after Gold coins.
What are sovereign Gold bullion coins?
Sovereign Gold bullion coins are manufactured by governments around the world and Gold coin values when in circulation are simply the face values. These popular coins also often have numismatic value, or collector Gold value, which means the Gold price far exceeds the face value. In the U.S., no Gold coins have been in legal circulation since 1933 when President Roosevelt prohibited their circulation as currency. Vintage sovereign coins like American Saint-Gaudens Gold coins have far greater value than the basic bar of Gold value. Other popular sovereign coins that have a higher premium price over the spot price of Gold per ounce include Canadian Maple Leaf Coins, South African Krugerrands and Austrian Philharmonics.
How do I compare the current price of Gold?
When you compare the price of Gold, make sure you are comparing troy ounces to troy ounces. Gold is typically sold in troy ounces (about one-tenth more than regular ounces), but sometimes you will see the Gold price per gram or other Gold price measurements. Make sure you know the rate you are looking at is the Gold ounce price in troy ounces. In addition, the current Gold price for a coin can be higher than the current price of Gold bullion, including Austrian Philharmonic coins, Canadian Maple Leaf coins, and American Gold Buffalo coins and Gold American Eagle coins. That is because the price you will pay for a Gold item takes into consideration more than the raw value of Gold. In addition to the 1 oz Gold coin value, there is often a numismatic value, or collectibility premium, for a higher current price of Gold per ounce for coins and higher historical Gold prices for collectible coins.
What is the Gold price quoting exactly?
When looking at Gold prices, make sure you understand what is being quoted. Most of the time Gold value is quoted in troy ounces in U.S. dollars (USD). On occasion, you will discover some websites list Gold prices per gram or kilo. Check out the various 1 oz troy coins offered at APMEX, like the American Gold Eagle coins, South African Gold Krugerrands or the Austrian Philharmonic coins.
What is the difference between an ounce and a troy ounce when looking at a price of Gold chart?
The ounces Americans know in everyday life are called avoirdupois ounces. The Gold price per ounce is measured in troy ounces, which are equal to 1.09711 avoirdupois ounces. A pound of Gold is 12 troy ounces. One troy ounce also equals 31.1035 grams or 480 grains. With these equivalences, you can easily determine the value of Gold.
Why are Gold prices so high? What determines the price of Gold per ounce?
When determining what is the price of Gold, markets take into account the bedrock of capitalism: supply and demand. Relative to other metals like aluminum or iron, Gold is rarer to find, which means Gold prices today are higher than the easier-to-find metals. In contrast, about 150 years ago, aluminum prices were higher than Gold prices because it was so hard to extract aluminum from raw source materials. At the same time as it being rarer, Gold is in high demand for jewelry, industrial uses, like the manufacture of medical devices, and electronics such as GPS units. These personal, commercial and economic uses all increase the Gold price per ounce.
How is the Gold spot price determined?
While Gold is traded as a commodity on many exchanges around the globe, the COMEX is the most important exchange that sets the spot price of Gold. To calculate the spot Gold price, the data from the front month futures contract traded on the COMEX is used. Only when there is little to no volume on the front month contract, the next delivery month with the most volume is used to calculate the spot price of Gold.
Why does the price for Gold change? It seems sort of volatile.
Yes, there are volatile times where the Gold spot price quickly shifts, but during quiet periods, the spot price of Gold will be relatively stable. Supply and demand can affect the volatility, as can geopolitical and economic woes. Check the Gold price chart history to see how relatively stable Gold has been at different times throughout its history. The price of Gold coins, Gold bars and other Gold products, has been so historically stable, many consider it a safe-haven asset. Some of the favorite bullion coins with investors include American Gold Eagle coins and Gold Buffalo coins, as well as Austrian Philharmonic coins and Canadian Maple Leaf coins.
What is the Bid 1 oz Gold price?
The Bid Gold price per ounce today is the current highest market offer to sell to a dealer. Consumers can expect to receive the bid price when selling Gold to a dealer.
What is the Ask 1 oz Gold price?
The Ask current Gold price per ounce is the current minimum price for a dealer to sell in the market. Dealers will offer to sell Gold to you for the ask price.
What does the Spread mean for the Gold price per ounce today?
The Spread, or the bid-ask spread, is the difference between the Ask current Gold price per ounce and the Buy Gold price per ounce today and represents the dealer’s profit. Dealers will offer to sell Gold to you for the ask price, and when you decide to sell Gold back, the dealer will pay the bid price.
Why are Silver and Gold prices so different?
Silver and Gold prices are so different in large part due to perception and demand, and less about rarity. There is some debate about whether Silver is now rarer than Gold. Either way, we see the 1 oz Gold price is about 70 times more than Silver prices. Part of the reason for the difference may be that Gold is harder to mine because Gold is often alloyed with other metals, requiring a purification process. The price of Gold and Silver also is reliant on demand, which has no signs of waning, especially for Gold bullion like Gold American Eagles, Gold Buffalos and Canadian Gold Maples. Gold is also used in a multitude of industrial products, including space-age equipment. In addition, Gold-Silver prices reflect that both central banks and individual investors buy more Gold. In many ways, the demand is all about perception, as well as history. Gold and Silver prices throughout time have been at odds. As early as 6,000 years ago, Gold was used as decoration and was introduced in ancient times as coins. Thus, we perceive Gold as valuable because civilizations before us also saw Gold's value. These are just some of the reasons Silver and Gold prices are so different.
Investing at the current price of Gold per ounce
Why should I invest in Gold when Gold prices today seem so high?
Investing in Gold is a good way to balance out your portfolio to save for retirement or to preserve wealth. Live Gold prices are often going in the opposite direction of other investments like stocks and bonds. The price of Gold often retains its value well during economic downturns, with the price of Gold often increasing as the value of the U.S. dollar declines. In addition, the historical value of Gold has typically been stable during inflationary times. An ounce of Gold is an ounce of Gold anywhere in the world – with the same intrinsic value, the same Gold price per ounce in U.S. dollars. This makes Gold easy to trade. And finally, it's easy to pass along tangible wealth to future generations who appreciate the value of Gold. Even though the current price of Gold seems high, investors know Gold prices today will hold their value tomorrow.
How do I safely buy Gold for retirement?
No investment is completely safe. With the Gold price today, many think Gold can be a good addition to your portfolio, depending on your goals. Typically investors consider Gold prices in historical terms when they hold an asset like physical Gold for 3-5 years or more. These investors know Gold prices typically go up as other investments like stocks and bonds, and U.S. currency, falter. That is why many see Gold as a typically stable investment during economic downturns, when the Gold price per ounce can skyrocket. Many investors who look at the price of Gold per ounce over time use dollar cost averaging, dividing the total sum to be invested into equal amounts invested at regular intervals. This conservative method of buying Gold allows flexibility as the market shifts.
When do I invest in Gold coins and when do I invest in Gold bars? There is a big difference in the current Gold price for some of these.
What type of Gold you invest in depends on your end-game. Some people love the simplicity of the bar of Gold value with minimal markup from the spot Gold price, making it ideal for investing. Others look at Gold coin prices, which can be much higher Gold prices because of the collectibility factor, and think the price is worth it. Why? Because the Gold coin price represents more than just monetary value. Gold coin prices reflect the currencies as historical and design masterpieces to hold in your hands and proudly display. In contrast, the Gold bar price reflects its utilitarian mission as an investment tool, although some Gold bars display beautiful designs, upping their numismatic bar of Gold value. Many people also like to collect both for a mix of coin and bar of Gold value. In addition, you can also collect Gold jewelry, made with bars and coins like the Gold American Eagles or South African Gold Krugerrands, or you can collect Gold rounds, which have no face value but often have gorgeous designs and numismatic value.
How do I safely store my Gold investments?
We offer storage help with Citadel Global Services, Inc., a wholly-owned subsidiary of APMEX that provides maximum security. That is something any investor wants after paying the current Gold bullion price. World security leader Brink's manages the facility for the best in security to protect the value of Gold in your collection. The price to use this facility is very affordable – an important factor after determining what the price of your Gold investment is. Store Gold bars and Gold coins to keep them safe.
What is a Precious Metals IRA?
Make the most of Gold values with Precious Metals IRAs, which are Self-Directed IRAs. Just like with regular IRAs, any profits on your Gold investment sales can be tax deferred as long as the proceeds are kept with your reinvestment custodian or transferred to another IRA account. Gold must be at least .995 fine to place the Precious Metal in the IRA. When you decide to place the Precious Metal in the IRA, you have a way to further diversify your portfolio and hedge against economic downturn.
Do I have to pay taxes on my Gold coin investments?
For some states, the Gold bar and Gold coin price will include sales taxes when you check out. Online, you typically only pay sales tax on the current price of Gold per ounce if you live in the state of the seller and that state collects tax. APMEX does not collect any tax. You should consult your tax advisor for specific taxation advice in your jurisdiction. State taxes may be applicable.
Does the government monitor Gold sales that are over $10,000?
Unlike cash transactions, purchases of Gold of more than $10,000 are not reported. After determining what is the price of Gold today and buying Gold, you don't have to worry about your purchases being tracked by the government.
Other Gold Price Questions
Is the Gold market – and thus the Gold price today – manipulated?
A quick Internet search returns many theories about whether the Gold market and Gold prices today are manipulated. You can draw your own conclusions after careful research. When investing, though, many consider more than just the Gold price today. Look at historical Gold prices in our price of Gold chart and consider how Gold often holds value when other investments plummet. This is why investing in Gold, like American Gold Eagle coins, Canadian Maple Leaf coins or other Gold bullion, is often considered a safe haven. Many suggest a balanced investment portfolio is the way to go, with equal percentages of investment in each area.
What is Gold fixing in relation to the price of Gold per ounce?
Twice each weekday, the London Gold Fixing representatives, which include bullion-trading firms, meet via telephone to determine a benchmark for the Gold price. Among those meeting at 10:30 a.m. and 3 p.m. (GMT) to set the current price of Gold include Bank of Nova Scotia-Scotia Mocatta, Barclays Bank, HSBC Bank USA and Société Générale. London Gold Fixing is intended to fix a price for settling contracts between members, but Gold fixing also provides a recognized Gold price that is used to benchmark the majority of Gold products and derivatives around the world.
What are the different types of Gold bullion?
Gold bullion comes in several different forms, with prices based on live Gold prices. You can buy Gold in coins, rounds and bars. Gold coins are only produced by government mints and go beyond what is the current price of Gold because they have numismatic or collectible value. Gold bar price quotes, on the other hand, typically have the least markup so they make great investments for someone not interested in the historical and artistic values of the mint coins. Gold rounds are in the same class as Gold bars and are similar to Gold bar price value. Both Gold rounds and bars, which come in a large variety of sizes and designs, are manufactured by private mints.
When I try to look at what is the price of Gold and Silver day-to-day, they seem to constantly be changing. Is there any way to lock in the today Gold price or Silver price?
Gold and Silver prices are locked in at specific prices by dealers, who develop their own protocols for Silver and Gold prices. This price is based on the spot price of Gold and Silver, as well as costs for fabrication, distribution, a nominal dealer markup and any numismatic value. With a reputable dealer, buyers are able to lock in the today Gold price and Silver price at checkout for a prescribed length of time to protect the dealer from any sudden changes in the current price of Gold per ounce or Silver per ounce.
Wouldn’t a local coin shop offer better Gold values for my dollar?
Precious Metal prices like Gold and Silver prices are very competitive and it is likely your local shop won't be able to provide the same value as APMEX. That is because we have lower overhead – no physical store – and buy in greater quantity so you are sure to get the best Gold and Silver prices. As a result, we don't have to charge as high of a premium on our Silver and Gold prices, including our Silver American Eagles and Gold American Eagles. Check out our collection of Gold and Silver and determine what is the current price of Gold and Silver that is the best deal for you.
What is the price of Gold and Silver ratio?
When determining what is the price of Gold or Silver, why would people care about the ratio? Gold-Silver prices are often looked at together to analyze the relative value of the two Precious Metals. If the ratio swings one way or the other, one of the Precious Metals is usually considered overpriced and the other underpriced when compared with the historical price of Gold and Silver. One of the reasons for a shift in the ratio of the price of Gold and Silver could be that demand is up for one and not the other. The Gold-Silver prices ratio could also be off because supply for one has become scarcer due to mining issues or production.