Today, gold trades in many markets around the world.At any time of the day or night a current market price is being established somewhere. Two of the most important world markets, however, are in London and New York.
The London market is one of the oldest in the world and is the largest market for physical gold. Since September 12, 1919 the price of gold has been set at "the London gold fix" and this price is used in contract arrangements around the world. Today, the gold fixings take place at 10:30am and 3pm and provide published prices which are used as official pricing medium by producers, consumers and central banks.
The New York market opens as the second London fix takes place and gold then trades throughout the day. The New York market is particularly noted for the volume of "paper gold transactions" such as futures contracts that are traded on the exchanged. The Comex division of the New York Mercantile Exchange is the center of these activities.
In 2004, StreetTRACKS Gold Shares were introduced as a way of allowing investors access to the gold market. Sponsored by a subsidiary of the World Gold Council, the shares are designed to track the price of gold and trade like a continuously offered security.
There are other important gold markets in Zurich, Tokyo, Sydney, Hong Kong and elsewhere - so gold is being traded somewhere 24 hours a day.
Prices
- Historical Yearly Price Table (1833 - 2007) (PDF)
- Monthly Price Charts (1990 - 2006) (PDF)
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Interactive Chartlet of Gold Prices (1975 - 2007) Interactive chartlets enable visitors to create charts and save chart data as an image file or Excel spreadsheet.
* For information on how gold is used in electronics, telecommunications and medicine, see the gold uses page.
* For information on how gold is produced, see the gold production page.
Introduction to Investing
Throughout human history, gold has been not only a means of exchange, but also a store of value. Gold is an excellent hedge against inflation, and protects earnings for the future. Modern investors can invest in gold the traditional way - by purchasing gold bullion in the form of bars or coins - or they can trade in gold or gold futures electronically, or by investing in gold mining or refining companies.
