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Commodities Technical Market Overview
GOLD PRICE se transa en el ICE electronicamente en Londres
Gold, a precious metal, mostly appears in alloys and only rarely in its pure form. Because of its physical properties, it is resistant to air, moisture, heat and many solvents. Gold also has a high density. Gold is regarded as a secure investment and is very popular as a means of coverage in times of crisis. Its high value and its rarity and uniqueness make gold a secure financial investment which also withstands inflation.
Gold was extracted in Egypt as early as 2000 B.C. and the first gold coins were minted in 50 B.C. in Rome. This shows that people have always been fascinated by gold and by its rarity, durability and beauty.
Because of its properties, gold is also one of the most important industrial raw materials. The yellow precious metal is easily workable and conducts electricity and heat. Because of its excellent conductivity, gold is used particularly in the electrical industry. Gold has also been used in dental technology for around 3000 years. However, gold is used most frequently in the jewelry industry. This line of business accounts for around 75 per cent of the gold worked. Apart from the Antarctic, where mining is not allowed due to international regulations, the precious metal is mined on all continents. With a market share of 16 per cent, South Africa is the most important producer of gold.
Global stocks of gold have continuously increased in recent decades and are currently at their highest level. This is also due to the fact that gold, unlike other raw materials, is virtually indestructible and is not consumed. As a result, the global quantity of gold is steadily increasing. The highest gold reserves are located in the USA (around 8.133 metric tons/287 million ounces). Germany has the second highest stocks of gold (3,417 metric tons /120 million ounces) followed by the International Monetary Fund with 3,217 metric tons /113 million ounces. Next is France (2,586 metric tons /91 million ounces). The price of gold has virtually experienced a surge in recent years. After the price of gold passed the mark of 1,000 US dollars per ounce for the first time in March 2008, by the end of 2011 it had already reached 1,600 US dollars per ounce.
Investments in gold are seen as a safe haven and a crisis-resistant capital investment. It is possible to invest in the yellow precious metal both in the form of securities and through a physical purchase. Gold in its physical form can be purchased from banks, coin and precious metal dealers as bars or bullion coins. However, the safe keeping of gold at banks usually gives rise to considerable costs which are not incurred when securities are traded. However, if gold is traded by way of a physically deposited purchase in the form of securities, trading or stock market fees must be paid. It is possible to invest in the precious metal on the stock exchange or through brokers in the form of gold certificates, gold funds or gold ETFs, without receiving any physical gold. Another form of investing in gold is Xetra-Gold, a no-par loan, which is denominated in gold holdings. This can be purchased on the stock exchange and transferred in the same way as a share.
The most important trading venues for trading in gold are Zurich, London, New York and Hong Kong. The most important stock exchanges are the New York Mercantile Exchange (COMEX), the Chicago Board of Trade, the Euronext/LIFFE, the London Bullion Market, the Tokyo Commodity Exchange, the Bolsa der Mercadorias e Futuros and the Korea Futures Exchange.
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.
What is the gold "spot price"?
4. Worldwide Jewellery Demand
Around half of all gold demand is driven by jewellery with China, India and the US being primary buyers.
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.
What is the gold "spot price"?
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).
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.
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).
Is gold cheaper in different countries?
No, gold markets move in unison. If there was a difference in price then arbitrage opportunities would exist.
Which country holds the most gold?
According to the World Gold Council, in 2015 the top 10 countries with the most gold holdings were:
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