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Here's how much the price of gold has risen since March 1

Gold's price climbed approximately 13.86% from March 1 to April 16.  Anthony Bradshaw / Getty Images

Gold's price has been heading up as of late as inflationary economic conditions continue to drive demand for the precious metal. That's great news if you own gold. After all, growing prices mean there's a high probability that your holdings are worth more now than you paid for them. And the difference in what you paid for your gold and what it's worth today could be significant depending on when you purchased it

But, exactly how much has the price of gold climbed over the past month and a half (since March 1, 2024)? That's what we will calculate below, underlining the benefit of investing in the precious metal now.

Find out how the rising price of gold can benefit you now

Here's how much the price of gold has risen since March 1 

According to American Hartford Gold, gold traded for $2,082.55 per ounce on March 1. That's in stark contrast to today's gold price, $2,371.11 per ounce. 

To put that into perspective, gold's price climbed by $288.56 per ounce from March 1 through April 16, representing a gain of approximately 14% in about a month and a half. So, if you purchased $10,000 worth of gold on March 1, 2024, your gold would be worth about $1,400 more today than it was when you purchased it - bringing the total value of your investment to $11,400. 

But with such significant recent growth, is gold's price destined to fall ahead? Not exactly. At least that's the opinion of Aakash Doshi, North American head of commodities research at Citigroup, who recently said that gold could climb to $3,000 per ounce within the next few months. 

Other experts agree that gold's price is likely headed up. "The price of any asset, including gold, can be very difficult to predict," says Steve Azoury, ChFC and owner of the financial planning firm, Azoury Financial. "The important factors to consider include inflation, supply and demand and interest rates." Though Azoury wasn't comfortable making a dollar-amount prediction for the price of gold, he did say that "with all the crazy things going on (interest rates, Federal Reserve, inflation, supply and demand)" he believes the price of gold will likely rise ahead. 

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Other benefits of gold

Though gold isn't typically used as an income-producing asset, the recent gains in the price of the precious metal show how you could generate a profit by investing in the commodity. Nonetheless, income shouldn't be the only reason you add assets to your portfolio. Some assets, like gold, come with a wide range of other benefits

For example, gold makes a strong inflation hedge. That fact is easy to see when you look at the recent movement in the price of the precious metal - movement that can, at least in part, be attributed to today's inflationary economic environment. Ultimately, when inflation is high, consumers, investors and even corporations and central banks, tend to look to gold as a way to maintain the value of their holdings. This drives the demand for gold up, pushing the price of the commodity up as well and potentially offsetting any inflation-related value loss in a well-balanced investment portfolio. 

Gold is also thought to be a safe haven investment asset. Though its inflation-hedging capabilities are one reason gold is considered a safe haven, they aren't the only reason. Gold comes with high diversification value in investment portfolios because the price of the commodity doesn't typically move in tandem with other, more traditional, portfolio assets like stocks and bonds. 

It's also worth noting that, unlike most traditional portfolio assets, gold is a tangible asset. And, it's one that's in high demand. That can be a compelling reason to invest in the precious metal, too. After all, gold is relatively easy to buy and sell, even in today's inflationary economic environment. 

The bottom line

If you purchased gold on March 1, 2024, your gold is likely worth around 14% more today than it was when you bought it. And, the price of the precious metal shows no signs of falling anytime soon. In fact, with experts suggesting that more upward movement could be ahead, buying gold now may give you the opportunity to tap into growth. 

But the current price growth shouldn't be the only factor that drives you to invest in gold. The precious metal is a tangible asset that's easy to buy and sell and comes with significant value as an inflation hedge and portfolio diversifier. That's likely why experts often advise investors to maintain a safe allocation to gold (10% of your portfolio value or less).  

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