Gold price in USD, EUR, GBP and CHF
Gold is quoted in dollars, but what a European or Swiss investor earns on gold depends on their own currency. This page therefore shows the gold price in US dollars, euros, pounds sterling and Swiss francs side by side, together with the ratios that put the metal into context: gold to silver, gold to oil and gold against equities.
Gold in several currencies
The chart shows the price of one troy ounce of gold in USD, EUR, GBP and CHF over the selected period. Because currency moves and the metal price overlap, the four lines can differ substantially over the same window.
Ratios: gold, silver, oil and equities
The gold/silver ratio shows how many ounces of silver one ounce of gold buys; the gold/oil ratio does the same for a barrel of crude. Both are long-established measures of whether gold is expensive or cheap relative to other real assets.
The long-term real gold price
Adjusted for inflation, the gold price fluctuates around a long-term level — the observation behind Harvey and Erb's 'Golden Constant'. The long-run chart shows the real gold price alongside its historical average.
What drives the gold price
Real interest rates, the dollar, government debt and geopolitics are the recurring drivers. Historical episodes such as the end of Bretton Woods, the inflation of the late 1970s, the financial crisis and the euro debt crisis show how quickly these factors can reprice the metal.