Gold Prices hit Record High

August 30, 2024

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The price of gold reached a new record high on Tuesday, closing above $2,514 per Troy ounce, according to data from FactSet.

This marks the highest closing price ever recorded for gold, which is often measured in Troy ounces, with one Troy ounce equaling about 31 grams. A standard gold bar weighing 400 Troy ounces is now worth over $1 million.

This record-breaking price is part of a steady increase in gold’s value over the past year, with Tuesday’s price nearly $620 higher than the same time in 2023. There are several reasons for this surge in price. People often buy gold during times of uncertainty, such as when there are worries about inflation or the strength of the U.S. dollar. Gold prices also rose during the early days of the COVID-19 pandemic.

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