Invest in safely stored, digitally spendable, fully redeemable Kinesis Gold.Get started
|Yesterday||Last Week||Last Year|
|Gold Price (Ounce)|
Live gold prices are aggregated across our physical vaulting hubs in London, New York, Brisbane, Sydney, Toronto, Hong Kong, Dubai, Istanbul, Vaduz, Panama City, Zurich, Batam and Singapore.
A troy ounce of gold is a standard system of weight measurement that dates to medieval times and is based on pounds and ounces. One troy ounce is equivalent to 32.151 grams in the metric system of grams and kilograms.
In the UK, there is another system of pounds and ounce measurement called the avoirdupois system whereby one avoirdupois ounce is 28.35 grams. In Anglo-Norman French avoirdupois means ‘goods of weight’. Other systems exist around the world.
For precious metals, the troy ounce, though a little heavier than avoirdupois, is the standard measurement in the US and UK, and is still used in modern times.
Gold prices were at $35 per troy ounce from 1940 until the 1970s. At this time, the 1944 Bretton Woods Agreement was being implemented when the gold price was pegged to the US dollar to help balance international trade. This agreement was lifted in 1971 by President Nixon.
In early February 2022, gold prices traded at around $1,890 per troy ounce, which is equivalent to an increase of more than 5000% from the levels seen in the 1940-70s when they were circa $35 per troy ounce.
The gold price experiences a certain level of fluctuation day-to-day, as well as year-on-year.
It can rise and fall depending on a variety of factors, such as increased inflation, and the strength of the US dollar. In its current state, many analysts have argued that gold could be considered undervalued at present.
In a long-term time frame, gold has been steadily appreciating in value, which is why investors may seek to utilise precious metals as a hedge, rather than fiat currency. In a shorter time frame, the gold price can experience falls, but in the longer term, the market is considered to be relatively stable.
Everything that matters for your gold.
Inflation was the dominant theme of 2022 as governments and central banks grappled with measures to …
I’m starting to warm up to the idea that a sustainable bull move has begun in the precious metals se…
What are the main market drivers for gold in 2023? Why is bullion still a crucial asset for investor…
Sign up to the Kinesis monetary platform today.
© 2023 Kinesis Money