Finance

ALL ABOUT THE CURRENT PRICE OF GOLD IN MELBOURNE AUSTRALIA

Gold is one of the most important parts in terms of investment. In fact, it has been important throughout human history since the beginning of human civilization. It can be used as currency, ornaments as well as in terms of financial security, wealth and many other uses like for example as a part of industry trends, arts and
entertainment, modern technology and also in various religious uses.

In this article, I am going to discuss real-time gold prices per ounce, kilogram and gram. The gold price has been slowly rising up in arts and entertainment as well as in the field of trade and industry over the past two years. Now there are many factors that impact the price of Gold per gram or ounce in every field like arts and entertainment.

FACTORS IMPACTING THE PRICE OF GOLD

There are various factors which are responsible for the rise in the price of Gold. It’s main rise in demand is the economic environment as well as in the field of arts and entertainment. So here I will be mentioning the important factors that are responsible for the rise in the prices of Gold:

  • Expectations on inflation
  • Interest rates in the United States
  • Demand and Supply
  • The current price of crude oil
  • Events occurring currently
  • Tensions in Geo-political field
  • US dollar strength
  • Gold jewellery Demand
  • Gold as money
  • How much money the governments print

So basically there are 31.104 grams approximately in a troy ounce of gold. Troy ounce has been used since the start of human history with gold. This is not to be confused with a metric ounce of 28 grams.

DOES GOLD PRICES VARY BY COUNTRY CURRENTLY?

No. The price for a gram or an ounce of gold almost remains same no matter which country you are from. Now how to determine the price of gold? Well, it is determined by usually converting the current gold price for a gram or an ounce of gold into the particular currency of the country. Let’s take an example: the current price of gold for one gram of gold of $43.40, this will be converted into Australian Dollars according to the current or recent exchange rate. This makes a current gold price of $56.20. This is known as the ‘gold price AUD’. Economists use this as an indication of the strength or weakness of a local currency.

HOW TO CALCULATE THE CURRENT GOLD PRICE PER OUNCE?

As I have mentioned above, there are many factors which contribute the price of gold. Demand and supply play the key role in the price of gold per ounce and gram. When there is a rise in demand for gold, the price of gold goes up and vice-versa. Gold jewellery plays a crucial role here especially in the field of arts and entertainment. Not only this, there are many other sectors where the demand for gold is high, for example, in medical devices and electronics.

There is an inverse relationship between the prices of gold and the value of the US Dollar. When the value of US dollar is weak, traditionally the price of gold rises and vice-versa. This is usually related to what the U.S Government treasury is doing and the Federal Reserve. Gold mining, of course, is not cheap. If we talk about 2017, then 45% of the total demand for gold was only for jewellery or ornaments.