Australia Gold price and Australian dollar exchange rate

Spot Gold (XAU/USD) : 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.

Australian dollar (Symbol: $ / A$, Currency code: AUD) : Nickname: Aussie, Menzies. Official currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, Norfolk Island, Pacific Island states of Kiribati, Nauru and Tuvalu. Used in: Ashmore and Cartier Islands, Australian Antarctic Territory, Coral Sea Islands, Heard Island, McDonald Islands. Central bank: Reserve Bank of Australia (RBA).