What it is
A dense yellow metal that does not corrode. It is held as jewellery, as investment bars and coins and in the reserves of central banks, and only a small part of each year’s demand is industrial. It pays no interest, which is why it is commonly studied against interest rates and the dollar.
How it is usually quoted
US dollars per troy ounce.
This is the customary unit of the reference market. Other markets for the same commodity may use another unit or currency, and an exchange can change a contract’s terms: its own rulebook is the authority.
Where the reference contract trades
The London over-the-counter market, where a benchmark price is set twice a day; CME (COMEX); the Shanghai Gold Exchange.
Named for orientation only. Naming an exchange or a market here does not mean that GIO4X gives access to it.
What commonly moves it
- Real yields and what markets expect of interest rates
- The US dollar
- Buying and selling by central banks
- Demand for it in periods of market stress
- Jewellery buying in India and China
These are the things people who follow this market usually watch. They explain how the market works; they do not say what the price will do next.
Where it comes from
Mined on every inhabited continent. China, Australia, Russia, Canada, the United States, Ghana, Peru and South Africa are among the largest producers.
The order of producers changes from year to year, so no quantities or shares are given here.
At GIO4X
Gold is one of the 7 commodities GIO4X lists as instruments. It appears as XAU/USD (Gold / US Dollar), in the Metals class. Spot gold priced in US dollars per troy ounce. Gold pays no interest, which is why it is commonly analysed against real yields and the dollar.
The contract and its published conditions are set out on the instrument page, where they are labelled as indicative. They are not repeated here.
XAU/USD instrument pageMetals at GIO4XContract specifications
Words worth knowing
Tools for the GIO4X instrument
The calculators work on the figures you enter. They apply to XAU/USD as GIO4X lists it, not to the exchange contracts named above.
A reference page. Educational information, not investment advice or a recommendation to trade. It gives no price and no forecast.