- Summary:
- Gold prices dropped on Wednesday, August 28. They were trading at $2,506.24 per troy ounce, down 0.73% from yesterday.
Gold prices dropped on Wednesday, August 28. They were trading at $2,507.39 per troy ounce, down 0.73% from yesterday. Since the start of the year, the price has risen 21.48%. The recent drop in the price of Gold can be attributed to the rise in the USD index.
XAUUSD is the label for the gold price traded in U.S. dollars. Gold (XAU) is traded against the dollar, and the price is the cost of one ounce of gold in USD. However, other foreign exchange markets exist, like XAU/GBP for trading in British pounds and XAU/EUR for trading in euros.
What Causes Changes In The Price Of Gold
Gold and silver prices are affected by various factors, like input from significant jewellers. The global demand for gold, interest rates, currency variations, and government policies all contribute to the prices of the precious metals. International factors like the strength of the US dollar against other currencies and the state of the global economy also influence gold rates in the Indian market.
The Role Of Gold In Human History
Gold has played a vital role in human history, having been widely used as a medium of exchange. Precious metals are considered safe-haven assets and suitable investments during uncertain times. Gold is widely seen as a safety net against inflation and depreciating currencies as it does not rely on any government to issue it.