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On 21 January 1980 the gold fixing reached the price of $850, a figure not surpassed until 3 January 2008 when a new record of $865.35 per troy ounce was set in the a.m. fixing. However, when indexed for inflation, the 1980 high corresponds to a price of $2,305.18 in 2011 dollars, [ 4 ] thus the 1980 record still holds in real terms .
For example, if one owns a share in a gold mine where the costs of production are US$300 per troy ounce ($9.6 per gram) and the price of gold is $600 per troy ounce ($19/g), the mine's profit margin will be $300. A 10% increase in the gold price to $660 per troy ounce ($21/g) will push that margin up to $360, which represents a 20% increase in ...
May 20 marked an all-time high price for gold, at a spot price of $2,435.96 per ounce. Gold futures were higher at $2,438.50. Spot silver also rose to $32.17, an over 11-year high.
At the beginning of 2024, gold was trading at approximately $2,043 per ounce. As of this writing, it has risen to just over $2,340 per ounce, marking a gain of greater than 14% in under six months.
Price of silver. Silver cost $4 per troy ounce in 1992, [67] started to rise rapidly in early 2004, [67] reached $18 per troy oz by late 2007, slipped badly to $10 per troy oz during the Credit Crunch of 2008, [67] but was selling in late 2009 and again in early 2010 at just under $18 per troy oz of metal. [67]
“Applying the $7.2 trillion valuation to 261.5 million troy ounces yields a gold price of $27,533 per ounce,” he wrote. A price tag of $27,533 for one ounce of gold would imply a staggering ...
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