The current price of Gold is $88,755.83 per kilogram.
Please note that the price provided above is the retail price for private investors buying physical gold and is aligned with industry retail pricing. For bulk purchases, whether investment or industry, please contact us directly for a quotation.
Table: Gold Historical Prices and Price Changes
| Date | Gold Price | Change % to Today | Annual Change % |
|---|---|---|---|
| Oct 21 2024 | $88,400.34 / kg | ||
| Jan 1 2024 | $65,862.15 / kg | +34.22% | |
| Jan 1 2023 | $64,375.03 / kg | +37.32% | +2.31% |
| Jan 1 2022 | $63,669.55 / kg | +38.84% | +1.11% |
| Jan 1 2021 | $66,562.02 / kg | +32.81% | -4.35% |
| Jan 1 2020 | $53,440.10 / kg | +65.42% | +24.56% |
| Jan 1 2019 | $45,327.08 / kg | +95.03% | +17.90% |
| Jan 1 2018 | $45,856.19 / kg | +92.78% | -1.15% |
Gold Historical Price Movement
At today’s price of $88,755.83 per kilo, gold is up +34.76% so far this year. Since the start of last year it increased +37.87%. Compared to the gold price of $53,440.10 per kilo on Jan 1st 2020, this precious metal has gained +66.08% today. If we go back to Jan 1st 2018, when one kilogram of gold cost $45,856.19, the current price has gone up a whopping +93.55%.
Gold is a dense, soft, yellow precious metal with the chemical element symbol Au and atomic number 79. As one of Earth’s most highly valued elements, it has been a symbol of wealth, power, and beauty throughout human history.
Gold Uses
Gold’s high conductivity and resistance to tarnishing are key to its use in electronics. It is a critical component in smartphones, computers, and other electronic devices where high reliability is needed. Thin layers of gold are used in connectors, switches, and circuit boards to ensure precise and stable performance. As the demand for electronic devices grows, the need for gold in this sector continues to expand.
In the luxury market, gold’s appeal is timeless. From fine jewellery to watches, gold remains a top choice for its aesthetic qualities and status symbol. Whether used in its pure form or alloyed with other metals, gold’s malleability and radiant sheen make it ideal for crafting exquisite pieces that retain their value.
Gold’s reflective properties also make it useful in aerospace and medical fields. It is used to coat satellites and spacecraft components, protecting them from radiation and extreme temperatures. In medicine, gold nanoparticles are increasingly employed in diagnostic tools and treatments, showcasing the metal’s ability to improve human health.
Where is Gold Produced?
Gold is mined on every continent except Antarctica, with significant production concentrated in a few key regions. China is the largest producer of gold globally, followed by Australia and Russia. These countries account for nearly half of the world’s annual gold output. Other notable gold producers include the United States, Canada, and Peru.
Africa also plays a vital role in gold mining, with South Africa and Ghana being prominent contributors. Once dominant, South Africa’s gold industry has faced challenges, but the country remains one of the world’s leading producers. Ghana, often called the “Gold Coast,” continues to grow its production, with significant reserves still untapped.
Mining is only one part of the supply chain. Gold recycling, primarily from jewellery and electronics, contributes to global supply. Around 30% of annual gold production comes from recycled sources, helping to meet demand without further depleting natural reserves.
What Factors Determine the Price of Gold?
Gold prices are influenced by a complex interplay of factors, with supply and demand being the most direct. The limited global supply of gold means that even small changes in demand can significantly impact its price. As a result, gold often sees price increases during times of economic uncertainty as investors seek safe-haven assets.
Inflation and interest rates also play crucial roles in determining the price of gold. When inflation is high or central banks implement loose monetary policies, gold prices tend to rise as investors look to preserve the value of their assets. Conversely, holding gold becomes less attractive when interest rates increase due to the opportunity cost compared to interest-bearing investments.
Geopolitical tensions can also drive up the price of gold. During global instability, such as wars, trade disputes, or political upheaval, the demand for gold surges. In these situations, gold is seen as a stable asset, free from the risks associated with currencies or stocks.
Lastly, currency fluctuations, especially in the US dollar, strongly influence gold prices. Since gold is traded in dollars globally, a weaker dollar makes gold cheaper for foreign buyers, increasing demand and pushing prices up. Conversely, a stronger dollar tends to have the opposite effect.
Gold Price Forecast
Analysts believe that gold will continue to be a valuable investment in 2024 and beyond. The ongoing economic uncertainties, including inflationary pressures and potential recessions, support a bullish outlook for gold. As central banks worldwide maintain or even expand their gold reserves, demand from governments will remain strong.
Additionally, geopolitical risks, including tensions in Eastern Europe and the Middle East, add to gold’s allure as a safe-haven investment. Investors typically flock to gold during periods of instability, further boosting prices.
However, the outlook is not without its challenges. As global economies stabilize post-pandemic, periods of lower demand for safe-haven assets may lead to price corrections. Yet, even in such times, gold’s fundamental properties as a hedge against inflation and a store of value will likely keep it attractive to long-term investors.
Finally, industrial demand for gold, particularly in electronics and medical applications, is expected to rise steadily. As technology advances and new uses for gold are discovered, this demand could serve as another pillar of support for the metal’s price growth over the next decade.
How to Buy Gold
Investing in gold can take many forms, ranging from physical gold to financial instruments. Physical gold, such as bars, coins, and bullion, is a traditional and tangible way to own the metal. However, storage and security are critical considerations when holding physical gold.
Alternatively, investors can gain exposure to gold through Exchange Traded Funds (ETFs), which track the price of gold without the need to handle the physical asset. Gold futures and options also offer more speculative opportunities for traders looking to profit from short-term price movements.
For those looking to buy physical gold, reputable dealers like us offer certified gold products with secure storage options, ensuring the authenticity and safety of the investment.
How to Sell Gold
Selling gold is a straightforward process when handled through reputable channels. The first step is verifying the purity and weight of the gold, which determines its market value. Working with trusted dealers ensures the transaction is smooth, whether selling large gold bars or smaller quantities of coins and jewellery.
For investors who store their gold in secure facilities like ours, selling can be as simple as issuing a sell order. Once the sale is finalized, the proceeds are transferred to the investor’s account.
Partnering with a reliable company that guarantees proper documentation and certification is essential for maximizing the value of your gold assets.
All prices on this page last updated Oct 22 2024.