I was perusing my social media feeds recently (I know, so modern) and realised that while the gold market usually expresses prices in $ per (troy) ounce, it’s so much more intuitive to use $ per gram.
So to that end, I thought I’d look at the gold price in AUD$ per gram over the last few years:
1. Gold in A$ per gram over last 2 years
2. Gold in A$ per gram over the decades (just for fun!)
For the dedicated, this page has an interesting read on the decoupling of the gold standard from the US currency.
Also affecting the price is the exchange rate of AUD$ to US$, see this page for more on that, especially on the floating of the A$ in 1983.
I’ll do a little more research to find out what caused the jump in prices in 2003 (I suspect it may be the invasion of Iraq causing the market to flee to gold as security, but will need to verify) … in the meantime this article may shed some more light on what affects the gold price..
Lastly though, from personal experience, I know that students (who are midst assessment freak-out I expect!) are more interested in the price of silver; unfortunately the graphs are not available in grams but kilograms – but I’m sure you’re totally okay with dividing by 1000 yes
I may use per gram instead of per ounce in future price updates posts – what do you think?