Last updated: 24/01/2018 07:51:52
Gold in an internationally traded commodity and the price varies on a daily basis.
The worth of gold is a challenging question to answer because the actual monetary amount changes frequently. Being a physical commodity that is traded internationally, the value of gold market sees fluctuations in price on a daily basis.
Gold has traditionally been used as a store of wealth during uncertain times. During the height of the global financial crisis, the value of gold soared to over $1,895 / ozt (£1,182 / €1,348) in September 2011. In more stable, less turbulent times, the value of gold tends to be much lower. In August 2004, a Troy Ounce of fine gold cost just $390 (£214 / €322).
The other factor that determines the value of gold is its purity (or fineness). Gold bullion (bars and coins) are typically high purity (22 to 24 carat gold), whereas gold jewellery may be of lower purity. Gold purity is measured in Carats (also spelt Karats in the US). One Carat unit is the equivalent of 1/24 part gold (4.1667% pure). In the UK, the lowest recognised gold purity is 9ct gold, which is 9/24 pure or 37.5% gold. In the US, the lowest recognised purity is 10 kt, which is 10/24 pure or 41.67% gold.
Over the five year period from 2005 to 2010, gold has seen a substantial increase in its worth as it has raised from a global market price of just over £260.08 ($400.00 US) to well over £715.22 ($1,100.00 US) in April of 2010. You can see the current worth of gold via the table in the top right corner of this page. The gold price is updated every minute.
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