Gold in dollars and in your own currency: what reaches the investor
Exchange rate matrix: how the gold price in US dollars and the exchange rate to the investor’s own currency combine, and what follows from that for the local gold price.
Gold in GBP vs. US dollars: what reaches the investor
The gold price is set in US dollars. What counts for an investor in GBP, though, is the price in GBP — and that depends on two forces: the gold price in dollars and the GBP-dollar rate. The two can reinforce or offset one another.
(USD stronger)
(USD weaker)
Schematic illustration of the interaction. This is why the gold price in GBP can rise while it falls in dollars — and the other way round. The size of the effect depends on how far the exchange rate moves.
Where the numbers come from
This chart explains a relationship and contains no continuously changing figures.
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