Summary
Gold prices have reached a record high, peaking at $5,600 per ounce before stabilizing below $5,000. Gold's value is measured by its weight in troy ounces and its purity in karats. Many people see gold as a safe investment, especially during times of economic instability.
Key Facts
- Gold price hit an all-time high of $5,600 per ounce on January 29, 2023.
- It later settled slightly under $5,000 per ounce.
- Gold is seen as a secure investment when economies are uncertain.
- Gold's value depends on weight (in troy ounces) and purity (in karats).
- A troy ounce is about 31.1 grams and differs from a regular ounce.
- Pure gold is 24 karats, while 18 karat gold is 75% pure.
- The price of gold has gone up four times in the last 10 years.
- Globally, gold prices depend on the spot market and vary due to local taxes and conversion rates.
