[GNC] Price of gold

[Eric Coates]

Hi

A little earlier today, following Frank's contribution, I did an experiment.

I have an account denominated in XAU (but my book currency is GBP) and  
I did a "get quotes" within GnuCash. The gold price that came back was 
about 1050 (I assumed this would be GBPs per Troy ounce) but looking at 
two different UK sites the "retail price" of gold was about £1330 per 
Troy ounce.

It was the difference between these numbers that prompted my question 
and John's information doesn't help me resolve the difference.(I rather 
suspect that the problem arises because of the convolutions of the 
currency conversions. But what do I know?)

For completeness: I'm running GnuCash 3.7 with Finance:Quote 1.49 using 
Yahoo as JSON as the source of quotes for my shares (I can't see 
how/where currency prices are obtained)  on Ubuntu 19.10.

Eric

PS:As I only revalue my portfolio on a monthly basis it's no big deal to 
enter a gold price manually so, as I say, it's just out of interest. 
Thanks for indulging me.

==================================

On 08/04/2020 16:40, John Ralls wrote:
>> On Apr 8, 2020, at 7:31 AM, Eric Coates via gnucash-user <gnucash-user at gnucash.org> wrote:
>>
>> Good Afternoon
>>
>> On 08/04/2020 10:08, Frank H. Ellenberger wrote:
>>
>>> The quotes are not from ISO-4217:XAU (troy ounce Gold), but from
>>> NASDAQ:XAU an share index of gold and silver producers.
>> So, is there a relationship between this NASDAQ:XAU figure and (what might be termed) the real price of gold (ie the mid-value retail price of a gram of gold, using grams to avoid the confusion between troy ounces and the other ounce)?
>>
>> Just out of interest really
>>
> It's https://en.wikipedia.org/wiki/Philadelphia_Gold_and_Silver_Index. It has a relationship to the spot price of gold but probably not close enough to be of much use.
>
> To get the current USD spot price of Gold in the Zurich Forex markets look for the XAU:USD exchange rate; that's what GnuCash will do if you have an account denominated in the XAU currency and your book currency is USD. The gold amount is Troy ounces, about 40 grams. (The "other ounce" is avoirdupois, about 28 grams each.)
>
> Regards,
> John Ralls
>