Gold is a precious metal used in jewelry, investment, central-bank reserves and industrial products. This chart tracks a perpetual contract referencing gold, not spot metal or a dated future. It has no expiry and involves funding payments. Interest rates, currencies, demand and supply affect its market value.
History and development
Gold price formation developed through London's bullion market and New York's futures market. London's first gold fixing took place on September 12, 1919, establishing a scheduled reference price rather than a continuously traded quote.
U.S. restrictions on private gold ownership ended on December 31, 1974, the day COMEX gold futures began trading. Standardized futures let participants manage future purchase and sale prices. This chart's perpetual contract is distinct from a London auction benchmark and from a specific COMEX expiry.
References: CME: first trade dates · LBMA: bullion market origins · U.S. Mint: gold ownership restrictions
Comparing charts on this board
Compare gold with silver, US ten-year yields and EUR/USD across precious metals, rates and the dollar. Gold-only strength with weak silver or copper directs attention to defensive and gold-specific demand.
The gold/silver price ratio is also used in market analysis: a rising ratio means gold leads. Relative returns show its direction here. The displayed ten-year yield is nominal, distinct from real yields.
Related charts: Silver · US 10Y Yield · EUR / USD · Copper
Official references: CME: gold-silver ratio · World Gold Council: rates and dollar