Gold

$1,253 (US/oz)

12:05 am 30/03

2.60 (-0.21%)

Movement

1,129
1,377

+2.53%

1 Year Return


System message

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About & Performance

Gold (Au) trades 24 hours a day on markets throughout the world using the code “XAU”.

The London bullion market (LBMA) is regarded as the industry benchmark, with the spot price set twice daily at 10:30am and 3:00pm GMT in US dollars.

Continuous trading occurs in over-the-counter (OTC) gold markets and via futures contracts (e.g. LME and CME Group).

What drives the price of gold?

1. Central Banks
Net purchases of gold by central banks can affect the price.

2. U.S Dollar Value
When the USD is strong, people are more optimistic and prefer to trade in USDs, pushing the price of gold down.

3. Economic Uncertainty
Gold is seen as a “safe haven” to store wealth during volatile and uncertain times.

4. Worldwide Jewellery Demand
Around half of all gold demand is driven by jewellery with China, India and the US being primary buyers.

Performance (US/oz) Amount Change
1 Week +7.60 +0.61%
1 Month -5.80 -0.46%
3 Month +114.20 +10.03%
6 Month -88.60 -6.60%
1 Year +30.90 +2.53%

12:05 am (AEDT) 30/03

Gold Prices USD AUD
Troy ounce (oz) $1,253 $1,636
Pound (lb) $18,273 $23,855
Gram (g) $40 $53
Kilogram (kg) $40,285 $52,591

12:05 am (AEDT) 30/03

ASX Gold Companies

- delayed

Code Company Price Change % Chg High Low Volume Mkt Cap 1 Year
Star Stock

Australia holds around 17% of the world's gold resources and accounts for 9% of global production. Western Australia alone produces almost 68% of Australia's gold. [1] View an image of Australia’s 2016 gold deposits and operating mines.

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FAQs

What is the gold "spot price"?

 

The gold “spot price” is the current market price in US dollars for a troy ounce (31.1g) of 99.99% pure gold.

Sometimes a website will display the spot price in a local currency (e.g. AUD on an Australian website) by converting the USD price to the local currency. When a website converts the price to a local currency, it’s usually indicated.

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What's the difference between "ounce" and "troy ounce"?

 

Gold is measured in troy ounces where one troy ounce equals 31.1035g (as compared to a regular ounce being 28.3495g).

1 troy ounce = 32.1035g
32.1507 troy ounces = 1kg

Gold bars range in size from 0.032oz (1g) to 50oz (1.6kg).

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Why does the gold price differ between websites?

 

There is no "official" 24 hour gold price. While the LBMA is considered the industry benchmark, its price is only set twice daily.

To publish 24 hour prices, data must be compiled from different exchanges or futures markets. Data feeds may use the bid price, ask price, the average, or combine different data feeds. The closing price or day's movement may differ according to the site's timezone e.g. Europe, North America or Asia.

Either way, the difference in price between websites is usually negligible.

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Is gold traded 24 hours a day?

 

Gold is traded throughout the world in multiple timezones so there’s always at least one market open (excluding weekends).

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Is gold cheaper in different countries?

 

No, gold markets move in unison. If there was a difference in price then arbitrage opportunities would exist.

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Which country holds the most gold?

 

According to the World Gold Council, in 2015 the top 10 countries with the most gold holdings were:

Country Tonnes
1 United States 8,133.5
2 Germany 3,381.0
3 IMF 2,814.0
4 Italy 2,451.8
5 France 2,435.6
6 China 1,788.4
7 Russia 1,447.0
8 Switzerland 1,040.0
9 Japan 765.2
10 Netherlands 612.5

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How can Australians invest in gold?

 

The most common ways an Australian investor can get exposure to gold are:

      1. Physical Bullion (Bars, coins and nuggets)
      2. ASX Listed ETFs
      3. Indirectly via an ASX listed gold company

Physical Bullion
The Perth Mint is Australia’s official bullion dealer. Buy gold coins, bars and nuggets with purity guaranteed by the Government of Western Australia. Bars can usually be traded internationally without the need for assay. Bullion is normally traded at a slight premium to the spot price to cover manufacturing costs.

ASX Listed ETFs
      1. ANZ Physical Gold (ZGOL) - Backed by physical gold held in the ANZ’s Singapore vault.
      2. BetaShares Gold Bullion Currency Hedged (QAU) - Backed by gold bullion with a currency hedge.
      3. ETFs Physical Gold (GOLD) - Backed by gold held by HSBC Bank plc.
      4. Perth Mint Gold (PMGOLD) - A fully paid call option to one hundredth of a troy ounce of physical gold.
For more information on these ETFs please visit the ASX ETFs page.

Indirect via an ASX listed gold company
See the list of ASX gold companies above.

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Historical Chart

 

Resources

Links

ASX-listed Gold ETFs - A list of ETFs that provide exposure to the gold price.

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