Gold Alliance Tools

Gold Ounce Price Calculator & Precious Metal Charts

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A chat of gold bars showing the performance of precious metal prices

At Gold Alliance, we are committed to educating our clients about market trends that could impact their life savings.

That’s why we make it so easy to track the performance of the gold ounce price and other precious metals with our price charts. Click on our detailed interactive charting tool to view their performance over time. You can choose from our palladium, platinum, silver, and gold price charts. See gold ounce price right now:

Gold Ounce Price Calculator

The spot prices of precious metals in this chart reflect the prices of the raw commodities, not the price of any product like a coin or a bar. And as such, the spot price is not representative of the prices Gold Alliance sells its products for or repurchases them for from its clients.  

How does the relationship between inflation and market confidence affect gold ounce price?

Studies show that gold prices have positive price elasticity, meaning their value increases along with demand. As with any asset with positive price elasticity, the more investors turn to gold, the greater the price is driven upward. What’s unique for gold is the correlation between low stock market/economy confidence and high demand. The gold ounce price can perform well under both good and bad economic conditions: It maintains value when the economy is healthy and increases in value when the economy is troubled.

But investors will be investors, and they want massive growth, which comes when times are bad, so investors have flocked to gold in times of financial crisis. When the Great Recession hit, for instance, gold prices increased many times over. As the stock market bottomed out, gold was valued at  $700 an ounce, and then for over 2.5 years, it kept rising even as the economy started to recover. The price of gold peaked in 2011 at $1,825 with the cheapest physical gold products at $1,950.

How does the gold supply affect gold ounce price?

Gold is both a monetary instrument and a global commodity, much like oil or coffee. However, unlike those commodities, gold is not consumed: Almost all of the gold ever mined still exists, and more gold is being mined every day. At first glance, this might make you think that, over time, the price of gold would decrease due to the continuous supply, but looking back through history we clearly see that isn’t the case. How come?

Aside from the fact that the number of people wanting to buy gold is increasing at an even faster rate than the supply of gold—due to the increase in population—jewelry and investment demand offer additional foundations to the rise in the gold ounce price.

For investors, gold is held for a very long time after purchase—it’s highly unusual to invest in gold and then quickly sell it. The class of gold day-traders is very small. The same goes for gold jewelry—people are more likely to put it in a drawer or pass it down to a family member than cashing it in for a new TV. This means that new demand for gold has to be satisfied to a large extent from newly mined gold, and there just isn’t enough to go around when demand hits.

What role do central banks play in gold price per ounce?

According to central banks’ regulations, gold is money, and it’s being recognized as money in reserve that cannot be printed and is not dependent on a foreign power. Therefore, when central banks hold gold in their balance sheets, they are not holding the gold as “commodities” (as Wall Street would like you to believe gold is a commodity and not money).

Central banks are a major factor when gold prices are decreasing. During times when foreign exchange reserves are large and the economy is buzzing along, which means that growth for gold is low, a central bank will sometimes decide to exchange a portion of the gold it holds for a higher-growth asset. At the end of the day (and unlike what we are led to believe), central banks are businesses that are expected to make a profit.

The problem they face is that this is exactly when gold demand is not at its peak. Central banks are, not surprisingly, aware of this fact, so they take careful steps to manage their gold sales in a manner to maximize their portfolios or the markets. In fact, in an agreement between leading central banks called The Washington Agreement, the central banks agreed that no central bank will sell more than 400 metric tons of gold in a year. Signed on September 26, 1999, by 13 nations, this agreement is highly respected between the parties involved, and it was strengthened in 2004 and extended in 2009. However, the agreement was not renewed in 2019, as central banks are shifting away from selling gold to buying it.

A line chart showing the history of gold ounce price and how much central bank gold reserves are in circulation through the years helping you under the gold price calculator results

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