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Gold trading chart

11 Aug 2020 04:43
Price Change (% chg)
Prev Close
Prev Close

Closing price, the previous day.

Opening price.
Day's High
Day's High

The highest price over the last trading day.
Day's Low
Day's Low

The lowest price over the last trading day
52-wk High
52-wk High

Price range high in the last 52 weeks
52-wk Low
52-wk Low

Price range low in the last 52 weeks

Gold is the oldest and the most efficient measure of capital and wealth. Other precious metals were used for the same purposes besides gold. However, generations were changing, but gold has always been a common equivalent as well as a means of payment and a commodity at the same time. The gold standard system exerted a great influence on the world economic development in the 19th – 20th centuries. National borders receded in the face of gold, and it served as the main world currency until the 70’s of the 20th century. Due to this, operations with precious metals were under strict control. Generally, the transactions were conducted at the level of the states' monetary authorities and the international financial organizations.

However, as a result of contradictions within the system, qualitative changes took place, and currency rates became floating. Consequently, the gold's role was changed, on the legal basis it was excluded from the world currency turnover. Liberalization of gold deals began; the private individuals’ rights for physical possession of metals were expanded. The precious metals market altered, therefore not only the market structure, but also its members and the line of operations changed. Nowadays, gold is no longer a payment facility, however, it has not left the system of economic relations. Today the world gold market is a complex of domestic and international markets, which are almost independent from the governments’ control. All this guarantees 24-hour global trading both precious metals and their derivatives.

The structure of demand on the world gold market can be nominally divided into 3 components: hoarding at all levels, industrial and domestic consumption and speculative operations. Supply consists of precious metals, private and public reserves, processions of auriferous ores and illegal traffic.

The main sources of supply are gold producers; the main buyers are those who use it for industrial purposes. Both appear on the market irregularly due to different factors. However, we will dwell upon surges and recessions on the market of precious metals later.

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*News Of The Day: China Consumer Prices Climb 2.7% On Year In July .*  Other News: 1. Singapore Q2 GDP Drops 13.2% On Year In Q2  2. Japan Has Y167.5 Current Account Surplus In June  3. Japan Bank Lending Rises 6.3% On Year In July  4. Singapore GDP Sinks 13.2% On Year In Q2  5. *Japan Current Account Surplus Y167.5 Billion In June  6. *Japan Bank Lending +6.3% On Year In July  7. *Singapore Final Q2 GDP -42.9% On Quarter, -13.2% On Year  8. New Zealand Electronic Spending Rises 1.2% In July  9. New Zealand Electronic Spending Gains 1.2% In July  10. *New Zealand Credit Card Spending +1.1% On Month, +11.4% On Year In July  

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