1 oz Spot Gold prices in 7 major currencies [Weekly]
The basis and core of the financial system is Physical Gold, real money. Gold prices are the basis of the currency exchange rates. Gold price in US dollar (USD), Chinese Renminbi (Yuan, CNY), Swiss Franc (CHF), Euro (EUR), British Pound sterling (GBP), Australian Dollar (AUD), Canadian Dollar (CAD), they are correlated with each other. By studying them together, we can predict their movements more accurately. This page is for comparing the movements of gold prices in those seven currencies.
Spot Gold (XAU) : Sign of physical gold: Au from Latin 'aurum'. Atomic number 79. Code: XAU. XAU refers to the ISO 4217 standard code for One troy ounce of physical gold. 1 troy ounce (oz t) = 31.1034768 grams. XAU = 99.99 percent pure gold = 24K gold. 24k gold means that all 24 parts in the gold are all pure gold without traces of any other metals. Gold is relatively rare element and is a precious metal that has been used for coinage, jewelry, and other arts throughout recorded history. In the past, a gold standard was often implemented as a monetary policy, but the world gold standard was abandoned for a fiat currency system after 1971. A total of 197,576 tonnes of gold exists above ground, as of 2019. The world consumption of new gold produced is about 50% in jewelry, 40% in investments, and 10% in industry.
Chinese Renminbi(人民幣) Yuan(元) (CNY and CNH) : Chinese Renminbi Yuan currency sign (symbol): 元 or ¥ or CN¥. The ISO 4217 code of the Chinese Renminbi Yuan is CNY and CNH. Hong Kong markets that trade renminbi at free-floating rates use the code of CNH. Renminbi(RMB, 人民幣) is not a currency code but is the name of the currency. While Yuan(元) is the unit of counting Renminbi(RMB). Chinese Renminbi is the official currency of People's Republic of China. Chinese Renminbi is sometimes referred to as the "redback," a play on "greenback". The renminbi is issued by the People's Bank of China (PBoC), the Chinese Central Bank and the monetary authority of China. On October 31, 2019, China's central bank (PBoC) announced that a digital reminbi is going to be released. Digital reminbi is also called DCEP (Digital Currency Electronic Payment) and is based on cryptocurrency. In steps intended to establish the renminbi as an international reserve currency, Chinese government has agreements with Russia, Vietnam, Sri Lanka, Thailand, Japan, Australia, South Africa, Brazil, Iran ..., allowing trade with those countries to be settled directly in renminbi instead of requiring conversion to US dollars. As of the end of 2019, the People's Bank of China has set up RMB clearing banks in 25 countries outside of Mainland China, which has made the use of RMB more secure and transaction costs have decreased. The world is seeing the "Internationalization of the Renminbi".
Swiss Franc (CHF) : Swiss Franc currency sign (symbol): Fr. The ISO 4217 code of the Swiss Franc is CHF. The Latinate “CH” stands for Confoederatio Helvetica. In 1798, the Helvetic Republic introduced the franc, a currency based on the Berne thaler. Franc is legal tender of Switzerland, Liechtenstein and Italian exclave of Campione d'Italia. The Swiss National Bank (SNB, SIX:SNBN) is the central bank of Switzerland and which is responsible for the nation's monetary policy and the sole issuer of Swiss franc banknotes. SNB is an Aktiengesellschaft under special regulations and has two head offices, one in Bern and one in Zurich.
Euro area (Eurozone) currency : Euro (EUR) : Euro currency sign (symbol): € / c. Euro Currency code: EUR. Euro area country code: EU. 1 euro = 100 cents, 1€ = 100c. The countries of Euro area use the euro (€) as their sole legal tender and Euro is the official currency of 19 of the 27 member states of the European Union . Euro area is a monetary union of 19 of the 28 European Union (EU) member states. Euro nicknames: Fiber, Eυρώ (Greek), Eiro (Latvian), Евро (Bulgarian), Euró (Hungarian), Ewro (Maltese), Evro (Slovene), Euras (Lithuanian). Euro area (eurozone) central bank is European Central Bank (ECB) and the headquarters are in Frankfurt, Germany. The euro is the second-largest reserve currency as well as the second-most traded currency in the world after the United States dollar.
United Kingdom, British Pound sterling (GBP) : British Pound sterling currency sign (symbol): £. The ISO 4217 code of the British Pound sterling is GBP. GBP is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha. The abbreviations "ster." and "stg." are sometimes used and the term "British pound" is sometimes used in less formal contexts, but it is not an official name of the currency. Sterling (GBP) is the fourth most-traded currency in the foreign exchange market (Forex), after the United States dollar (USD), the euro (EUR), and the Japanese yen (JPY). GBP is the fourth most-held reserve currency in global reserves. Central bank is Bank of England and is located in London, UK.
Australian Dollar (AUD) : Australian Dollar currency sign (symbol): $ or A$ or AU$. The ISO 4217 code of the Australian Dollar is AUD. AUD is legal tender in Australia and officially used in Christmas Island, Cocos (Keeling) Islands, and Norfolk Island. Australian dollar was the fifth most traded currency in world foreign exchange markets, accounting for 6.9% of the world's daily share, behind the United States dollar (USD), the euro (EUR), the Japanese yen (JPY) and the British pound sterling (GBP). Australian dollar is popular with currency traders, because of the relative freedom of the foreign exchange market from government intervention. Mint is Royal Australian Mint. Central bank is Reserve Bank of Australia (RBA) and located in Sydney, New South Wales, Australia.
Canadian Dollar (CAD) : Canadian Dollar currency sign (symbol): $ or CA$ or Can$ or C$. The ISO 4217 code of the Canadian Dollar is CAD. Owing to the image of a loon on its back, Canadian Dollars are sometimes referred to as the loonie by foreign exchange traders. Canadian dollar is the fifth most held reserve currency in the world, behind the U.S. dollar (USD), the euro (EUR), the Japanese yen (JPY) and the British Pound sterling (GBP). Central bank is Bank of Canada located in Ottawa, Ontario, Canada. Mint is Royal Canadian Mint.