Track the performance of precious metals, including gold, silver, platinum, and palladium, in real-time with our precious metal prices chart. With our interactive chart, you can view live and historical precious metal prices, including bid, ask, low, and high prices.
Our precious metal prices chart shows current and historical prices of gold, silver, platinum, and palladium. To read our chart, you can start on the horizontal axis, or X-axis. Here, you can view the price of each precious metal over a set period, whether one month, three months, six months, year to date, one year, or beyond. You also have the option to view the prices of precious metals over a specific period, such as May 3, 1999, to March 26, 2007, for example, by using the sliding bar at the bottom of the chart or by inputting dates in the “From” and “To” fields at the top.
Along the vertical axis, or the Y-axis, you can view precious metals prices per ounce in U.S. dollars. With our interactive graph, you can also compare the prices of precious metals to crude oil and the U.S. dollar.
With our precious metal prices chart, you can better understand how prices of gold, silver, platinum, and palladium have changed over time to make more informed decisions, whether you’re opening a precious metals IRA or taking physical possession of precious metals. Continue reading to learn more about the factors that influence precious metal prices, how the prices of precious metals compare to one another, and more.
- What Are Precious Metals?
- What Are the Prices of Precious Metals Today?
- What Factors Affect Precious Metal Prices?
- How Do the Prices of Precious Metals Compare to One Another?
- Precious Metals Prices FAQs
- Key Takeaways: Precious Metals Prices
What Are Precious Metals?
Precious metals are rare metals that are considered precious and valuable. Metals like gold and silver have been valuable for thousands of years, with gold and silver coins being used as early as 600 BC in some parts of the world. Gold and silver have also been used in several coins throughout the history of the United States, including the quarter and dime.
Gold and other precious metals have been used to back currency in addition to minting it. The United States used the gold standard to back its currency until the early 1920s and during a few other time periods. Several countries backed their currencies with gold in the past, but the gold standard is no longer used to back any currency.
As a way to protect your current savings, precious metals can be a smart choice because they allow you to diversify your savings. You can choose between physical possession or investing in a precious metals IRA. If you’re opening a precious metals IRA, your choices of precious metals include gold, silver, platinum, and palladium.
If you plan on opening a precious metals IRA, keep in mind that there are specific purity requirements. Gold must be 99.5% pure, with the exception of the American Eagle coin, which has a purity requirement of 91.67%, silver must be 99.9% pure, and platinum and palladium have a 99.5% purity requirement. Before you purchase precious metals, make sure they meet these purity requirements to be eligible for an IRA.
What Are the Prices of Precious Metals Today?
Before you begin saving, looking at the price of precious metals and how that price has fluctuated recently can help you make an informed financial decision. Current precious metal prices change every day, so we can’t provide current prices for gold and silver. The good news is that it’s easy to find the price of precious metals at any time, and you can look at our precious metal prices chart to get a better understanding of how prices have fluctuated over time.
While precious metal prices can fluctuate, precious metals typically hold their value better than government-controlled currencies. This added stability means that precious metals are better protected against inflation. The intrinsic value of precious metals also makes them a unique commodity; when the U.S. dollar declines in value, precious metals tend to become more valuable. These are some of the biggest benefits of investing in precious metals.
It’s smart to monitor current precious metal prices to make sure you’re purchasing at the right time. You can use our interactive and historical price chart on our website to find the current prices of gold, silver, platinum, and palladium, as well as the historical prices.
What Factors Affect Precious Metal Prices?
While precious metals have intrinsic value that tends to protect against inflation, the prices of precious metals can fluctuate. Understanding what affects precious metal prices can help you purchase at the right time to avoid losing money. In this section, we’ll take a closer look at some of the factors that help determine the prices of precious metals.
Supply and demand
Understanding the law of supply and demand is one of the most important factors to consider when buying precious metals. Supply and demand can affect any commodity, including current precious metal prices. When the demand for a product increases but the supply stays the same or decreases, the price of that product goes up. Conversely, when there is an oversupply of a precious metal and a weak demand, price declines can occur.
Many precious metals continue to have constant demand due to their versatility. For example, precious metals like gold and silver aren’t only used for investment purposes. They can also be used in other industries, such as the jewelry and electronics industries. Additionally, precious metals like gold, platinum, and palladium are also in the auto industry for car parts like catalytic converters. Due to this constant demand and limited supply, precious metal prices have historically increased over time.
Global economic conditions
The global economy can also affect the prices of precious metals. Because precious metal prices are based on supply and demand, changes in the global economy can increase the volatility of precious metals. Industrial consumption makes up for a lot of the precious metal demand, so economic changes that affect industrial production can have a significant impact on the prices of gold and silver.
Precious metal prices can also fluctuate when countries that supply these metals are struggling economically or politically. Economic factors like GDP growth, unemployment rates, inflation, and interest rates all affect precious metal prices. However, during economic downturns, many turn to precious metals, as they’re regarded as a safe haven asset, which, in turn, drives up demand and prices.
Inflation
When the value of the U.S. dollar decreases as a result of inflation, the price of gold and other precious metals typically increases. Demand for gold generally increases during periods of inflation as well, which helps drive up the price. Some savers choose to put their money into gold during times of inflation as a way to hedge against inflation. When interest rates outpace the current rate of inflation, you can risk losing money by keeping it in a savings account. Gold, on the other hand, may rise in price faster than the rate of inflation. This is why you’ll often notice gold demand increasing significantly during periods of inflation.
Consumer sentiment
Precious metals are only worth as much as people are willing to pay for them, so consumer sentiment plays a key role in determining the prices of precious metals. Consumer sentiment surrounding precious metals affects supply and demand, which is one of the leading factors affecting the prices of precious metals. When people are wary of purchasing precious metals because of economic uncertainty, lower demand can negatively affect the price of precious metals. On the other hand, positive sentiment can drive up demand and prices.
How Do the Prices of Precious Metals Compare to One Another?
Now that you know how precious metals prices are determined and what makes them fluctuate, we can explore the actual prices of precious metals and how they compare to each other. There’s no “best” precious metal to purchase to protect your wealth — it all depends on your financial situation, risk tolerance, and savings goals. That being said, choosing a precious metal that fits your investment portfolio is an important part of making sound financial decisions. Here’s a quick breakdown of how the prices of the four precious metals compare.
Gold Prices
Gold is what most people think of when they think about buying precious metals. Generally speaking, gold is the most expensive of all the precious metals, with palladium being the closest comparison in terms of value. The price of gold has increased significantly over the last century, particularly in the last 70 years. Below, you can see the historical gold prices in the U.S. from 1950 to 2022 to view its steady increase over time.
The price of gold is affected by several factors, starting with demand. Demand for gold increases based on a several factors like industrial usage, the amount of gold stored in central bank reserves, the value of the U.S. dollar, and the current demand for jewelry, for example. Gold prices are also affected by banking policies and the current consumer sentiment.
While the exact price of gold can fluctuate, there are several benefits to investing in gold. Gold can be a good hedge against inflation because it tends to perform well when the U.S. dollar is declining. When the rate of inflation exceeds interest rates, investing in gold can help you avoid losing money by simply letting it sit in a savings account.
As stated, gold has a purity requirement of 99.95% if you plan on purchasing through precious metals IRA, with the exception of the American Gold Eagle, which has a purity requirement of 91.67%.
Silver Prices
Silver tends to be the most affordable of all the precious metals, which means it can be a good starting point for those with limited spending power. Silver is also unique in that it has the highest purity requirements for use in a precious metals IRA. If you’re purchasing silver through an IRA, it needs to be at least 99.99% pure.
The gold/silver ratio (GSR) is a metric used to compare the prices of silver and gold. This ratio measures how many ounces of silver you’d need to purchase a single ounce of gold.
Silver prices are affected by industrial and investment demand as well as market speculation. Silver is most commonly used in jewelry and electronics, and some of the annual silver production ends up in coins and bars. Like gold, silver can be an effective way to hedge against inflation because it tends to perform well when the dollar declines.
Platinum and Palladium Prices
Platinum and palladium aren’t as well-known as gold and silver, but they can also be used as a savings vehicle in a precious metals IRA. Current platinum and palladium prices fall between silver and gold prices. Platinum saw a surge in value that started in the early 1970s, while palladium prices didn’t start increasing significantly until the 1990s.
Both platinum and palladium have historically been used in catalytic converters and other automotive applications. When the supply of platinum was depleted by early catalytic converter production, manufacturers switched to palladium in the early 1990s. While platinum is occasionally used for jewelry, both platinum and palladium are primarily used for industrial applications, including the automotive and electronics industries.
The limited supply of platinum and palladium has led to a steady price increase in recent years. While both metals are used in smartphones and other electronics, the automotive exhaust industry is responsible for the vast majority of palladium consumption. When automotive production increases, the demand for palladium — as well as the price — increases along with it.
If you’re opening a precious metals IRA, the platinum or palladium you purchase must be 99.95% pure.
Precious Metals Prices FAQs
What is the difference between spot, ask, and bid prices?
The spot price of precious metals is the current price the global financial market dictates based on supply and demand. The ask — also called the sell — is slightly different because it’s set by the seller; the ask is essentially how much a precious metals supplier is willing to sell a precious metal and the price you would purchase the metal from the seller or dealer. The bid — also called the buy — is the price point someone is willing to pay for precious metals. Sellers and dealers use the bid price to help determine the ask price. The spread is the difference between the bid and the ask, which determines how much it costs to buy and sell gold.
All precious metals prices — the spot, ask, and bid — are based on the price of one troy ounce of a precious metal.
How can you purchase precious metals?
Purchasing precious metals is one of the greatest ways you can preserve your wealth. There are several suppliers that offer precious metals in the form of bars, rounds, bullion, and coins. Some individuals may choose to take physical possession of their precious metals and keep them in a safe place, then resell them when prices increase to receive a return on their investment.
Another way to purchase precious metals is through a precious metals IRA. With a precious metals IRA, you purchase physical precious metals to place in an IRA. In addition to choosing a company to manage your IRA, you also need to choose a custodian to store your precious metals in a secure location. It’s also important to keep in mind the purity requirements when you’re investing in a precious metals IRA. However, when working with a precious metals specialist, they’ll ensure the precious metals you buy are all IRA-eligible.
How are precious metals prices affected by recessions?
Precious metals are affected by several types of economic events, including recessions. In particular, silver and gold tend to perform well during recessions, which makes them a popular safe-haven investment for many people. Silver is the more volatile of the two, so gold is the common choice for those who want to protect their assets during a recession.
Because silver, palladium, and platinum are commonly used in industrial production, economic conditions that lead to decreased production can affect the prices of these precious metals. Palladium and platinum are particularly susceptible when there’s a significant decrease in automotive production, while silver is more commonly used in electronics. This is another reason gold is a popular choice for people who want to safeguard their wealth through precious metals during a recession.
Are gold and silver prices connected?
Gold and silver prices are connected in a lot of ways because the two metals are very similar. Both gold and silver tend to be safe-haven investments during periods of economic uncertainty, and they both have industrial demand as well as consumer sentiment. Because gold and silver are affected by similar external factors, the prices often fluctuate together.
Keep in mind that some economic factors may only affect a specific precious metal. For example, decreased electronics production tends to impact silver more than gold. When you’re purchasing precious metals, it’s important to look at all the socioeconomic factors that may impact your purchase.
Key Takeaways: Precious Metals Prices
Buying precious metals can be a smart way to diversify your savings and protect your assets during economic downturns. That being said, doing your research and choosing the right time to buy precious metals is crucial, as precious metals prices can fluctuate. Using our interactive precious metal prices chart can help you review the historical pricing data surrounding precious metals. The last step is finding a reputable supplier to make sure your precious metals meet IRA purity standards.
Are you thinking about investing in a precious metals IRA? Birch Gold Group can help you get started with purchasing precious metals. We can help you explore secure storage options and get the most out of your precious metals IRA. Contact Birch Gold Group to learn more about starting a precious metals IRA today.
