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Gold Live Chart

The gold Live Chart provides real-time gold prices that are updated every second, without having to refresh the page. This is one of the most comprehensive gold price charts. A wide range of tools is available to get the full picture in the gold bullion market. The price of gold is widely followed in financial markets around the world. Gold was the basis of economic capitalism for hundreds of years until the gold standard was abolished, which led to the expansion of the paper currency system where paper money did not have implicit support in any material form of liquefaction.

A brief history of gold

While the history of gold began in 3000 BC, when the ancient Egyptians began to form jewelry, it was not until 560 BC. That gold began to act as a currency. At the time, traders wanted to create a readily convertible standard model that would facilitate trade. It seems that the creation of a gold coin stamped with seal is the solution. Because gold jewelry has already been widely accepted and recognized in different parts of the earth.

After the emergence of gold as a source of money, its importance continued to grow throughout Europe and the United Kingdom, with the appearance of the monuments of the Greek and Roman empires prominently in museums around the world and Great Britain to develop its own coin currency in 1066. Sterling silver), the shilling and the pound are all based on the amount of gold (or silver) they represent. In the end, gold symbolized wealth throughout Europe, Asia, Africa and the Americas.

The US government continued this golden tradition by setting up a bimetallic standard in 1792. The standard of mineralization simply stated that every monetary unit in the United States must be supported either by gold or silver. For example, one US dollar was equivalent to 24.75 grams of gold. In other words, coins used as mere money represented gold (or silver) deposited in the bank.

But this golden standard did not last forever. During the 1900s, there were many major events that eventually led to the transition of gold from the monetary system. In 1913, the Fed was created and began issuing promissory notes (the current day version of our paper money) that can be replaced with gold on demand. The 1934 Gold Reserve Act gave the US government the right to all gold coins traded and put an end to the new gold coins. In short, this work began to establish the idea that gold or gold coins were no longer necessary in the service of money. The United States abandoned the gold standard in 1971 when it stopped its currency backed by gold.

 

The importance of gold in the modern economy

Given the fact that gold no longer supports the US dollar, why is it still important today? The simple answer is that although gold is no longer at the forefront of daily transactions. It remains important for the global economy. To verify this point, there is no need to look beyond the balance sheets of central banks and other financial organizations, such as the International Monetary Fund. At present, these organizations are responsible for holding nearly one-fifth of the world’s gold supply above ground. In addition, several central banks have added their existing reserves of gold. Reflecting concerns about the global economy in the long term.

  Central Banks Interest Rates Last Change  
   FED1.50% 12-13-2017 
  ECB0.00%03-10-2016 
  BOE0.50%11-02-2017 
  SNB-0.75%01-15-2015 
  RBA1.50%08-02-2016 
  BOC1.00%09-06-2017 
  RBNZ1.75%11-10-2016 
  BOJ-0.10%02-01-2016 
  RBI6.00%08-02-2017 
  PBOC4.35%10-23-2015 
  BCB7.00%12-06-2017 
  CBR7.75% 12-15-2017