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Gold Price

Gold prices are calculated by weight. There are several methods of weighing in the precious metals and gemstone markets. The most commonly used is the troy system (TROY), a troy system (TROY) ounce is about 31.10 grams; and a regular ounce is about 28.35 grams.

This price is in US dollars per ounce of gold. A rise in the price of gold will affect the currency prices of some countries.

There are three main types of price of gold in the world: market price, production price and quasi-official price. All other gold prices are derived from this.

official price

This is a price used by central banks for activities related to official gold. In the quasi-official price, it is divided into mortgage price and bookkeeping price. The total official reserves of the world’s central banks (which tend to be the largest holders of gold in each country) were approximately 34,000 tons in 1998. Based on today’s production capacity, this is equivalent to 13 years of world gold mine production, and accounts for 24.7% of the 137,400 tons of all mined gold stocks, an important factor in determining the quasi-official gold price.

The international gold price refers to the price at which gold is traded in the international gold market. The international gold price fluctuates every day. Generally, the London gold market is the standard. The international gold price has an opening price, a middle price and a closing price.

On August 5, 2020, the price of gold broke through US$2,033 per ounce, setting a new record.

International gold price calculation, first of all your first look at the London gold price or Hong Kong gold price, London gold price in ounces, 2012 gold price is 1254 U.S. dollars / ounce, the formula 1254 * 6.8 (U.S. dollar exchange rate probably) / 31.1035 (1 ounce = 31.1035 grams) Hong Kong gold price is to Hong Kong two units is 11570 Hong Kong dollars / Hong Kong two formula 11570 * 0.882 (Hong Kong dollar exchange rate of roughly 0.882) = 10204.74 yuan.

In October 2012, the international gold price fell sharply, dragged down by the continuation of the European debt crisis and the unsatisfactory macro data in the United States, the international gold price fell sharply, risk aversion regained the dominance, and risk assets fell across the board. The only four Lian Yin that I have seen in the past. The international gold price fell sharply at the press release. The main contract of gold futures for December delivery in New York COMEX fell 2.11% intraday, down $34.70 per ounce, and reported $1612.30 intraday, with the lowest dropping to $1606.80.

At the beginning of May 2019, the price of gold climbed all the way. As of 14:00 pm on August 8, the price of gold reached $1,506 per ounce.

The price of gold hit an all-time high of $1,900 an ounce in September 2011.

The main factor affecting the trend of gold is the U.S. dollar index. Since the disintegration of the Bretton Woods system, the correlation between gold and the U.S. dollar index has been above -0.7. Since 2019, central banks around the world have started to cut interest rates in response to the economic downturn. The Federal Reserve also started at the end of July. The first rate cut in 10 years marks that the United States may enter a rate cut cycle, which is the main logic of gold’s rise.

On September 11, 2001, the New York Mercantile Exchange COMEX-December gold futures closed at $280 per ounce; on September 6, 2011, after hitting a record high of $1,922, gold closed at $1,873 on that day. /ounce. In ten years, the price of gold has risen by 669%.