The price of gold per troy ounce increased considerably between 1990 and 2023, despite some fluctuations. A troy ounce is the international common unit of weight used for precious metals and is approximately 31.3 grams. At the end of 2023, a troy ounce of gold cost 1,940.5.
Price of – additional information
In 2000 the price of gold was at its lowest since 1990, with a troy ounce of gold costing 274.5 U.S. dollars in that year. Since then gold prices have been rising and after the economic crisis of 2008 the price of gold rose at higher rates than ever before as the market began to see gold as an increasingly good investment.
History has shown that time and time again, gold is seen as a good investment in times of uncertainty because it can or is thought to function as a good store of value against a declining currency as well as providing protection against inflation. However unlike other commodities, once gold is mined it does not get used up like other commodities (for example, such as gasoline). So while gold may be a good investment at times, the supply demand argument does not apply to gold. Nonetheless, the demand for gold has been mostly consistent.
