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This safe haven characteristic of gold is why gold is said to provide financial insurance. Many central banks hold substantial physical gold in their reserves for precisely these reasons , i. The gold price is influenced by a number of external factors. Over the long term, one of the key drivers of the gold price is the rate of inflation and inflation expectations.

Over the shorter term, some of the demand drivers for gold include the level of real interest rates, the relative strength of the US dollar, financial market and political risk, growth or contraction in income levels, the influence of central bank gold sales and gold lending transactions. Inflation and inflation expectations will also affect the gold price over the short term. Gold supply will have an influence on the gold price. About , tonnes of gold are known to have been mined throughout history, and most of this above-ground stock can still be accounted for.

For example, approximately 90, tonnes of gold is held in the form of jewelry, 33, tonnes of gold are claimed to be held by central banks, 40, tonnes are under the control of private gold holders, and the rest has gone into fabrication and industrial uses. Annual gold supply comprises new gold mine supply, but also recycling of scrap gold, central bank net sales of gold, and at times the conversion of large wholesale gold bars into smaller gold bars such as kilo gold bars. Gold therefore has a very high stock-to-flow ratio, which is a factor to watch in terms of its impact on the gold price.

Industrial gold demand will be more price inelastic, with investment and jewelry demand more price elastic and sensitive to changes in the gold price.

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Historically, gold has been the anchor of the international monetary system, with physical gold actually backing fiat money supply and monetary debt. This was the case as recently as August before which the US dollar was convertible into gold for dollar liabilities held by foreign central banks. The US Treasury is claiming to own gold reserves of tonnes. Central banks and monetary authorities hold gold as a reserve asset on their balance sheets, and usually value it at the market price of gold or else an average of recent market prices.

Together these entities claim to hold a combined 33, tonnes of gold , making the official sector the largest single gold holder in the world. However, since central banks engage in gold lending and gold swaps, where gold is transferred to commercial bank borrowers bullion banks , and the central banks then hold a claim on the amount of lent gold, the amount of gold that the official sector actually holds is probably far less than 33, tonnes.

Gold lending and leasing by central banks by definition increases the supply of gold to the market and will have a subduing influence on the price. As gold lending positions are continually rolled over by the bullion banks, these gold lending deals can remain open for years and there will not be a corresponding positive impact on the gold price until the lent positions are closed out. Likewise, if the true scale of these gold lending activities was revealed, it would indicate how much physical gold the official sector is missing, that eventually needs to be bought back.

There is ample documentation from the s detailing that central banks fear rising gold prices, and that they at times plan or engage in schemes to regulate and stabilize any increase in gold prices. This was in an era of supposedly free gold markets. Gold supply available to the gold market at any given time consists of gold from mine production new supply and also existing gold from above ground stocks of gold. New gold supply from gold mining production is approximately tonnes per year. Existing above ground stocks of gold total approximately , In theory, nearly all above ground stocks of gold will be available to the market at the right price.

Gold has been known to human civilisations for over years, and has been used as a form of money for more than years. During this time gold has performed a number of monetary functions.

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It has circulated directly as gold coinage, been used to back circulating paper currencies, and been the anchor of the international monetary system. The first recorded use of gold coins as circulating money is attributed to the Lydian civilization under King Croesus in circa BC. Lydia was located in an area which is now in modern Turkey.

Following this, gold coinage was adopted and used in Persia, Ancient Rome, and the Portuguese and Spanish empires. Circulating gold was then subsequently used in the British Empire, the United States, and in many other countries through the 19th century and 20th centuries, During the same era, many countries also were part of various gold standards, where gold backed the monetary system and the money supply. Right up to August when the US suspended US dollar convertibility into gold, gold was still the anchor of the international monetary system.

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Today gold still continues to be held in substantial quantities by the central banks of the world as a reserve asset on their balance sheets. The contemporary global gold market comprises two sets of gold market venues, namely the paper gold markets of London and the COMEX which predominantly trade derivatives on gold and synthetic fractionally-backed paper claims on gold, and the physical gold markets which trade real physical gold, such as spot trading on the Shanghai Gold Exchange.

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However, if in the future, there was a general shift in investor sentiment to a preference for holding physical gold and away from holding the fractional claims on gold traded in the paper gold markets, this could cause a disconnect between the gold prices set by the two sets of venues. A shift towards physical would increase physical gold demand at the margin causing a rise in prices in the physical gold market.

At the same time, selling pressure in the paper gold markets as investors sought to convert or sell their fractionally-backed paper claims and move into physical, would cause a fall in the prices derived in those paper markets the international gold price. A trigger that could cause such a shift would be, for example, a realisation by a critical mass of paper gold investors that their claims on physical gold were inadequately backed to allow conversion into physical gold.

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BullionStar reserves the right to withdraw permission to use content for any or all websites at any time. Gold Price Currency. Low Last High. Spot Price for Gold The Spot Price for gold, or Gold Spot, is the current market price at which gold can be bought or sold in the wholesale market for immediate delivery and short-dated settlement. Futures Price for Gold The Futures Price of Gold is a price at which delivery of gold could take place on a future delivery date based on a gold futures contract agreement between transacting parties.

Gold Trading Hours The gold market is global in nature and it follows the sun around the world as gold marketplaces and gold exchanges open and close throughout the day.

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