What is the price of gold today?

The price of gold traded at $2,153.27 per troy ounce, as of 9 a.m. ET. That’s down 0.18% since yesterday’s gold price per ounce and up 4.21% from the beginning of the year.

The lowest trading price within the last 24 hours: $2,148.86 per ounce. The highest gold spot price in the last 24 hours: $2,160.27 per ounce.

Gold spot prices

XAU/USD is the label for finding the spot gold price traded in U.S. dollars. In this case, gold (XAU) is traded against the dollar, and the price represents the cost of one (troy) ounce of gold in USD. But there are other foreign exchange markets, such as XAU/EUR for trading in euros and XAU/GBP for trading in British pounds.

The spot gold price represents the price at which gold can be exchanged and delivered, and prices are typically quoted in gold price per troy ounce in U.S. dollars. But prices can also be quoted per gram and kilo. It’s worth noting that a troy ounce is slightly heavier than a standard ounce.

Gold price chart

The chart below shows how the spot price of gold is trending over the year. The data is as of 9 a.m. ET and doesn’t display intraday highs or lows.

Year to date, gold is up 4.21% from the beginning of the year, as of 9 a.m. ET. The 52-week intraday high reached $2,195.19 on March 8, 2024, and the 52-week intraday low dropped to $1,810.47 on Oct. 6, 2023.

Remember that the spot price of gold is quoted in real time and represents the current price at which gold can be bought or sold for immediate delivery. For most investors, the spot price usually differs from the price they’ll pay or receive when they decide to purchase or sell their gold.

For example, buying physical gold involves overheads like storage costs and insurance.

When trading physical gold, the difference between the buying and selling price, known as the spread, can eat into returns. Dealers often incorporate their markups and transaction fees within these spreads, which means the actual price an investor pays might be higher than the current market rate, while the selling price they receive might be lower.

While gold certificates, gold exchange-traded funds and gold trusts offer more liquidity and are easier to manage than physical gold, they come with their own risks. These investment vehicles might only sometimes match the performance of the spot price of gold due to management fees and potential discrepancies in tracking.

In essence, while the spot price provides a general benchmark for the value of gold, the actual returns and costs an investor encounters differ based on the medium of purchase and the specifics of the investment.

Investing in gold

Buying physical gold involves overheads like storage costs and insurance.

When trading physical gold, the difference between the buying and selling price, known as the spread, can eat into returns. Dealers often incorporate their markups and transaction fees within these spreads, which means the actual price an investor pays might be higher than the current market rate, while the selling price they receive might be lower.

While gold certificates, gold exchange-traded funds and gold trusts offer more liquidity and are easier to manage than physical gold, they come with their own risks. These investment vehicles might only sometimes match the performance of the spot price of gold due to management fees and potential discrepancies in tracking.

In essence, while the spot price provides a general benchmark for the value of gold, the actual returns and costs an investor encounters differ based on the medium of purchase and the specifics of the investment.

Precious metals spot prices

Precious metals have long served as investment vehicles and industrial commodities. Like gold, the spot prices of silver, platinum and palladium fluctuate based on various market, economic and geopolitical factors.

Silver spot prices

Silver possesses both monetary and industrial value. While it’s used as a hedge against economic volatility, it’s also crucial in the electronics, automotive and medical industries. Its dual-use nature can lead to different market dynamics compared to gold.

The price of silver opened at $24.78 per ounce, as of 9 a.m. ET. That’s down 0.55% since the previous day’s silver price per ounce and up 3.59% since the beginning of the year.

The lowest trading price within the last day: $24.73 per ounce. The highest silver spot price in the last 24 hours: $25.00 per ounce.

Platinum spot prices

Platinum is another precious metal that commands attention. Rarer than gold and silver, its primary use is in automotive catalytic converters, which help reduce harmful emissions. Given the push for cleaner automotive technologies, the demand dynamics for platinum can vary, influencing its spot price.

The price of platinum opened at $895.30 per ounce, as of 9 a.m. ET. That’s down 0.74% since yesterday’s platinum price per ounce and down 9.36% year to date.

The lowest trading price within the last 24 hours: $890.65 per ounce. The highest platinum spot price in the last 24 hours: $900.20 per ounce.

Palladium spot prices

Palladium, like platinum, is pivotal in the automotive industry for catalytic converters. In recent times, there has been a surge in palladium demand due to stricter emission standards worldwide. Its scarcity and rising industrial demand have led to significant price volatility.

The price of palladium is $988.92 per ounce, as of 9 a.m. ET. That’s down 1.07% since yesterday’s palladium price per ounce and down 10.06% year to date.

The lowest trading price within the last 24 hours: $976.21 per ounce. The highest palladium spot price in the last 24 hours: $1,001.42 per ounce.

Frequently asked questions (FAQs)

Trading within narrow ranges for the price of gold since the beginning of this week is normal.

• Caution prevailed in the financial markets, and the US dollar continued to strengthen.
• According to gold trading platforms, gold retreated to the support level of $2147 per ounce before stabilizing around $2157 per ounce at the start of the most important trading session of the week.
• Currently, the investors are awaiting the US Federal Reserve’s monetary policy decision this week. Widely, the Fed is expected to keep US interest rates unchanged today.

However, traders will be looking for clues about the start of monetary easing, as hotter-than-expected US inflation readings have reduced bets on a rate cut in June. Meanwhile, the Bank of Japan ended its negative interest rate policy and abandoned yield curve control, while the Reserve Bank of Australia kept interest rates steady but dropped its previous guidance on further hikes. On the other hand, according to data from the Economic Calendar, eurozone wage growth slowed sharply in the fourth quarter of 2023, and German investor sentiment beat expectations in March, giving the European Central Bank more room to start cutting interest rates sooner.

The gold price has risen by $95.19 per ounce, or 4.62%, since the start of 2024, according to trading on the Contract for Difference (CFD) that tracks the benchmark market for this commodity. Furthermore, gold is expected to trade at $2067.94 per ounce by the end of this quarter, according to global macroeconomic models and analyst expectations. Looking ahead, we expect it to trade at $2134.44 per ounce in 12 months.

On the global stock markets front, major US stock indices on Wall Street ended higher on Tuesday as investors awaited the Federal Open Market Committee’s (FOMC) monetary policy decision. Policymakers are widely expected to keep interest rates at current levels, and attention will turn to the “dot plot” for clues about the frequency and timing of potential cuts in the coming months. According to stock trading platforms, the S&P 500 index rose 0.5%, the Nasdaq index rose 0.3%, and the Dow Jones index jumped 321 points, supported by a 1.3% gain in Apple shares. Nvidia shares rebounded, rising 1% after announcing plans for its new flagship AI processor. Also, the company’s CEO highlighted the potential of the data center market, which he believes could exceed $250 billion.

Meanwhile, Etsy shares gained 1.1% after an earlier rise of 7%, while GM shares rose 1.07%. However, Meta and Tesla shares fell 0.1% and 1.4% respectively, and Alphabet shares fell after the previous day’s gains. Among chipmakers, AMD shares fell 4.8% and Intel shares fell 1.5%, close to their lowest level in six weeks.

Trading within narrow ranges for the price of gold since the beginning of this week is normal, as we have noted. From today onwards, the gold market may find catalysts to move strongly in one direction or the other. Selling pressure may gain momentum if the tone of today’s Federal Reserve policy statement appears more hawkish, thereby supporting further gains in the US dollar, which would be negative for gold. If this happens, there may be opportunities for movement towards support levels at $2138 and $2110 respectively. On the other hand, there may be an opportunity for bulls to push the price of gold to break above the $2200 resistance per ounce if the Federal Reserve signals abandoning its tightening path and hints at nearing the start of US interest rate cuts.

Ready to trade today’s Gold forecast? Here are the best Gold brokers to choose from. 

KARACHI: The gold rates continue to increase in Pakistan in line with the international rate, ARY News reported Wednesday.

The yellow metal was priced at Rs227,800 per tola after an increase of Rs500 during the day, according to rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The 10-gram gold was sold at Rs195,302 after it jacked up by Rs 429.

Furthermore, gold rates increased by $5 and was sold at $2,178 per ounce in the international market.

It is pertinent to mention here that IMF staff and Pakistan have reached a staff-level agreement on the second and final review under Pakistan’s Stand-By Arrangement.

According to the official statement issued by an International Monetary Fund team led by Nathan Porter, IMF reached a staff-level agreement with Pakistan on the second and final review of the country’s stabilization program supported by the IMF’s US$3 billion (SDR2,250 million) SBA approved.

The agreement is subject to approval by the IMF’s Executive Board, upon which the remaining access under the SBA, US$1.1 billion (SDR 828 million), will become available.

The (XAU) price declined by 0.13% on Tuesday as the strengthened ahead of today’s Federal Reserve’s (Fed) policy rate decision.

 ‘Gold is seeing some exhaustion to the upside as the positions moved swiftly over the past week or 2, and now it’s taking a bit of a breather as the Fed pricing comes off a bit,’ said Ryan McKay, the commodity strategist at TD Securities.

In other words, after a swift 1-week rally, which began on 28 February, gold bulls have started to close their long positions as the probability of a 25-basis point (bps) rate cut by the Fed in June has declined.

Furthermore, expecting higher gold prices is risky as is already near all-time highs, while the latest U.S. macroeconomic data didn’t provide reasons for a rate cut. At the same time, a sharp sell-off is also unlikely as safe-haven demand remains strong, and investors still expect global monetary policy to ease in 2024.

XAUUSD was essentially unchanged during the Asian and early European trading sessions. Today, the Fed’s rate is a critically important event for gold traders. It is due at 6:00 pm UTC. In addition to the rate decision, which is unlikely to surprise anyone, the Fed will release its FOMC Economic Projections report, including the so-called ‘dot plot’, showing how each Fed member projects the future path of interest rates.

This ‘dot plot’ is published only 4 times a year, so investors will study the data carefully. Last time, 17 of 19 Fed officials projected lower interest rates by end-2024, and traders priced in a more aggressive rate-cutting cycle. On the day the Fed telegraphed its previous projections, XAUUSD rallied by more than 2% and then increased by another 3% throughout 10 trading sessions.

If the FOMC Economic Projections report is viewed as dovish with more rate cuts on the horizon, the gold price will rise, possibly towards 2,200. Conversely, if the report is hawkish and indicates fewer rate cuts, XAUUSD will almost certainly decline, probably towards 2,125. ‘Spot gold is biased to break a falling trendline and rise into the $2,175–$2,182 range,’ said Reuters analyst Wang Tao.

EURUSD will likely move sharply due to FOMC Economic Projections report

Initially, the exchange rate dropped below 1.08400 but later recovered and finished the day essentially unchanged.

Yesterday, the German report came out stronger than expected, showing an improving investors’ sentiment due to the expectations for an interest rate cut by the European Central Bank (ECB) and positive signs out of China. ‘More than 80% of those surveyed anticipate that the ECB will cut interest rates in the next 6 months,’ said ZEW President Achim Wambach, adding that this could explain a more optimistic outlook on the construction industry.

As a result, EURUSD rallied in the European session yesterday and settled above the important 1.08500. However, the positive effect of the upbeat German statistics will likely be short-lived. The market still expects the ECB to be more dovish than the Fed in 2024, so the fundamental pressure on EURUSD will likely remain bearish if these expectations don’t change.

EURUSD was essentially unchanged during the Asian and early European trading sessions. Today’s Fed decision and the FOMC Economic Projections report at 6:00 p.m. UTC will likely trigger above-normal volatility in all USD pairs. The market expects the Fed to leave the rates unchanged, but the main focus will be on the so-called ‘dot plot’.

The ‘dot plot’ shows how each Fed member projects the future path of the U.S. interest rates. If the overall monetary policy outlook features fewer rate cuts, EURUSD will likely drop, possibly below 1.08000. Conversely, EURUSD will rally, most likely above 1.09000, if the report is dovish and mentions more rate cuts.

USDCAD can break above 1.36100 if the Fed indicates fewer rate cuts

The lost 0.24% against the U.S. dollar on Tuesday after Statistics Canada showed a smaller-than-expected rise in core inflation.

Canada’s headline Consumer Price Index (CPI) unexpectedly slowed in February to just 2.8%, Canada’s statistics office reported yesterday. Core inflation rose by only 0.1%, the smallest rise in 2 years. The report immediately pushed USDCAD higher as investors started to price in a higher probability of a rate cut from the Bank of Canada (BOC) in June. ‘We expect central bankers will sound more dovish in April, thereby setting up a rate-cutting cycle beginning in June,’ said Royce Mendes, the head of macro strategy for Desjardins Group.

USD/CAD was rising during the Asian and early European trading sessions. Fundamentally, there is no divergence in investors’ interest rate expectations for both countries. The market expects the BOC to deliver 75 basis points (bps) worth of rate cuts in 2024 and anticipates roughly the same amount of rate reductions by the Federal Reserve (Fed).

However, today’s Fed decision may change traders’ expectations. The Fed will announce its interest rate decision and issue the latest FOMC Economic Projections at 6:00 p.m. UTC. Traders don’t expect the Fed to change the base rate. Market participants will closely monitor the so-called ‘dot plot’ section of the Economic Projections report for any clues about the future changes in interest rates.

If the overall monetary policy outlook features fewer rate cuts than was previously expected, USDCAD will likely rally, possibly above 1.36100. Conversely, USDCAD may experience a sell-off, most likely below 1.35000, if the report is dovish and mentions more rate cuts.

first published: March 20, 2024, 09:26 IST

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The overall trend for gold is upward, and there won’t be a trend reversal without bears pushing prices down to support levels at $2110 and $2070 respectively

• At the start of trading, gold futures posted modest gains as investors braced for several key global central bank meetings this week.
• After reaching a record high, the gold price failed to maintain its momentum, with traders anticipating what the US Federal Reserve might do about monetary policy.

According to gold trading platforms, the gold price has retreated to the support level of $2148 per ounce at the time of writing the analysis, and the highest resistance level this week was $2163 per ounce. Overall, gold prices have remained stable. The yellow metal is coming out of a weekly decline of about 1%, but it is still up more than 4% since the start of 2024 so far.

In the same performance, silver prices, the sister commodity to gold, remained above $25 per ounce. Overall, white metal enjoyed a weekly gain of 2% last week and is up more than 5% year-on-year.

The main event this week will be the Federal Reserve policy meeting. The Federal Open Market Committee (FOMC) is likely to keep US interest rates unchanged on Wednesday, but it will be what officials say in the economic outlook summary. Investors have priced in fewer rate cuts this year and believe the Eccles Building will start the first cut at the FOMC meeting in June.

Overall, the US Treasury market is trading as if there will be no rate cuts this year, with the yield on the 10-year note rising to 4.3%. Moreover, the yield on the two-year note is around 4.72%, and the 30-year note is above 4.45%. As is known, the gold market is sensitive to fluctuations in interest rates because it can affect the opportunity cost of holding bullion that does not generate a return.

The shift in monetary sentiment has further supported the US dollar. According to trading, the US dollar index (DXY), a measure of the dollar against a basket of other major currencies, rose above the psychological level of 103.00. Since the start of 2024 so far, the DXY dollar index has risen by more than 2%. As is known, a stronger dollar is bad for dollar-denominated commodities because it makes them more expensive for foreign investors to buy.

Later this week, the Bank of Japan and the Bank of England will conclude their meetings. Tokyo is expected to abandon its cautious stance, while London is expected to keep interest rates unchanged.

In this regard, analysts believe that the gold price will await the US interest rate decision on Wednesday, but perhaps also the Bank of Japan’s decision on the interest rate tonight. The decision could show that global inflation is rising, and it is clear that gold is a hedge against global inflation. Ultimately, the changes in the dot plot and Fed funds expectations will play a role in whether gold will resume and continue its upward trend or not.

We expect gold prices to remain neutral with a downward bias until reactions to global central bank announcements this week. Especially, the announcement from the US Federal Reserve, which will strongly impact the US dollar and consequently the gold market. So far, the overall trend for gold is upward, and there won’t be a trend reversal without bears pushing prices down to support levels at $2110 and $2070 respectively. Shortly, we still prefer selling gold from its record highs without taking risks.

Ready to trade today’s Gold prediction? Here’s a list of some of the best XAU/USD brokers to check out. 

Gold remains a significant commodity in Nigeria, reflecting both the nation’s economic health and the global market’s fluctuations.

As of March 19th, 2024, the gold prices per gram in Nigeria have been subject to various factors, including global demand, currency exchange rates, and local market conditions.

Below, we answer some frequently asked questions about today’s gold prices in Nigeria.

What is the price of gold per gram in Nigeria today?

As of March 20th, 2024, the gold prices per gram in Nigeria are as follows:

• 24K Gold: ₦112,281.44
• 22K Gold: ₦102,849.80
• 21K Gold: ₦98,246.26
• 18K Gold: ₦84,211.08
• 14K Gold: ₦65,684.64
• 12K Gold: ₦56,140.72
• 10K Gold: ₦46,821.36
• 9K Gold: ₦42,105.54
• 8K Gold: ₦37,389.72

How are these prices determined?

The prices of gold per gram in Nigeria are influenced by the international gold market, the USD to NGN exchange rate, and local market dynamics. The rates are updated frequently to reflect the live spot gold price.

What could affect the future prices of gold in Nigeria?

Several factors could influence the future prices of gold in Nigeria, including:

• Global Economic Stability: Economic downturns or stability can significantly impact gold prices.
• Currency Fluctuations: Changes in the value of the Nigerian Naira against the US dollar can affect gold prices.
• Supply and Demand: The balance between gold production and consumer demand can cause price changes.
• Investor Behavior: Investor decisions based on market conditions can lead to price volatility.

Where can I buy gold in Nigeria?

Gold can be purchased from licensed jewelers, gold traders, and financial institutions offering precious metal investments. It’s crucial to ensure that you’re dealing with reputable sources to avoid counterfeit products.

Gold Price Table (Per Gram in NGN)

For the most accurate and up-to-date information, it’s recommended to check with local gold traders or stay tuned to Okay.ng.

FE Team
| Published: March 19, 2024 22:15:36

FE Report
The Bangladesh Jewellers’ Association (BJA) has lowered gold prices by Tk 1,750 per bhori (11.664 grams) on the local market.
As per the new rate, 22-carat gold will now be sold at Tk 111,158 per bhori.
The latest pricing of the precious metal would come into effect today (Wednesday), said a press release issued by BJA.
The price of 21-carat gold (per bhori) went down by Tk 1,633 to Tk 1,06,142, while the price of 18-carat gold has been reduced by Tk 1,400 to Tk 90,979 per bhori.
And the price of conventional gold has been reduced by Tk 1,166 to Tk 75,816.
The previous rate of 22-carat gold was Tk 1,12,908 per bhori while the price of 21-carat gold was Tk 1,07,775, and 18-carat Tk 92,379 per bhori. And the price of traditional gold was Tk 76,982 per bhori.
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