A gold prices chart is a valuable reference for those who are looking at unique investment opportunities. Learn how prices are determined, why you should consider price charts, which price charts to look at, where to check gold prices, and how these gold price charts could affect your hard-earned investments. Continue reading to learn more about what gold in your investment portfolio might mean for you.
Gold Prices Chart in 2018 – Things to Know About Gold Price Charts
Who determines gold prices?
There is no singular entity that determines gold prices. One of the main benchmarks used by gold traders all over the world is the London Gold Fix, also known as the Gold Fix.
There are currently 12 participants in the Gold Fix, namely: UBS, the Toronto-Dominion, ScotiaMocatta/Scotiabank, Standard Chartered, Société Générale, Morgan Stanley, JP Morgan Chase, HSBC Bank USA, Goldman Sachs, Bank of Communications, the Bank of China, and Barclays.
Traditionally, the Gold Fix was only meant to set a standard of gold prices in relation to the contracts of the members of London Bullion Market Association (LBMA). Today, it is recognized, albeit informally, as a benchmark of gold prices in various markets all over the globe.
Of course, gold prices are still determined by the usual supply and demand, plus the behavior of investors and buyers. But since there is a need for a “standard” among gold traders, most of the top organizations recognize the London Gold Fix.
What is the importance of a gold prices chart?
Gold price charts enable existing and prospective investors to check the history of the prices of gold, including its current prices in various markets. Since buying gold involves money, it’s always best to check the current price charts beforehand. The charts provide significant information on whether it is a good time to buy or sell your gold.
When do gold price charts change?
The London Gold Fix happens twice every business day: at 10:30 am and 3:00 pm, London time. Gold prices are updated in the US Dollar, British Pound, and Euro. Since the London Fix is used as the benchmark or standard of several gold markets, expect prices to change during those times of the day. However, there are some gold price charts that update more frequently, depending on the demand and supply of a particular gold trader.
Where can you see gold price charts?
Most gold markets or sellers have their respective gold prices chart. However, their prices tend to change quite frequently because they rely on the supply and demand of their gold markets.
To check the current gold prices without any bias or too many changes, consider gold prices found in Bloomberg, which displays prices of various global markets.
If you are considering buying gold as an investment, check the gold prices of the particular market where you’ll be buying. There are some price differences across various gold markets.
Why should you consider the historical data of gold prices?
Because gold prices change each day, consider buying gold when the prices are low. Looking at the historical data of gold prices gives you an overview of how gold has been doing in past years. It may also give you a great outlook on whether or not gold would be a good addition to your investments.
How does a gold prices chart work?
For those building their portfolios and considering adding gold to their investments, reading and understanding a gold price chart is crucial. Usually, the prices are displayed on the left-hand and right-hand side of the chart (the y-axis), and the dates (or times) are at the bottom (x-axis). Depending on the time interval settings of the chart, you may find the price points’ intervals are hourly or daily.
From these charts, you can figure out whether the current price of gold is at its highest for the day, the week, the month, or even for the year. You can also see if it’s at its lowest. Knowing these stats can help you understand when it’s best for you to invest.
Whether you are considering gold for your IRA or 401(k) or thinking of expanding your portfolio, start looking at a gold prices chart. By knowing how these things work and how they can help you invest wisely, you get to make the best decisions for funding a financially secure future.
Have you monitored the gold price charts lately? Share your insights below in our comments section!