Spot gold price in USD in oz
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The gold price used in the charts and statistics on this site is the London PM fix. This price is quoted in US dollars. Where the gold price is presented in currencies other than the US dollar, it is converted into the local currency unit using the foreign exchange rate closing price on the same day. For example, the London PM fix on 30th September 2010 was USD 1,307.00 and the closing price for one USD was GBP 0.636. The gold price in pounds sterling (GBP) would therefore be calculated as £831.25.
Like all prices, the gold price reflects not only the inherent value of gold, but also the relative strength of the currency in which it is quoted. For example, the dollar price of gold may increase more in percentage terms than the sterling price of gold, to the extent that the change in price is a reflection of dollar weakness (in this case, against sterling) rather than an intrinsic change in gold market fundamentals. For this reason, our Investment Statistics contain charts showing an index of the gold price in US dollars and local currency units as well as the relevant US dollar / local currency unit exchange rate for countries other than the United States.
In addition, our “G5” price index is an average (weighted by GDP) of the gold price in US dollars, Euros, Yen, Sterling and the Canadian dollar; this is calculated to compensate for changes in the gold price that are simply a reflection of one currency’s movement.
Public holidays in different countries do not always coincide and therefore the time series that are downloaded from our data providers may contain missing values for trading days in other countries. The approach taken in this regard is to replace the missing value with the most recent value.