[GNC] Price of gold

[Adrien Monteleone]

To be clear, the spot price is per ozt, but it is based on a transaction involving 1000 ozt of Silver or 1kg of Gold. If you are buying or selling more or less, your exact price will be different, but you can use the spot as a guide.

Regards,
Adrien

> On Apr 8, 2020 w15d99, at 11:28 AM, Adrien Monteleone <adrien.monteleone at lusfiber.net> wrote:
> 
> For the record, a troy ounce (ozt.) is 31.10348 grams.
> 
> Spot pricing is usually based off a set contract amount. Usually 1000 ozt. bars for Silver and 1kg bars (≈32.15 ozt.) for Gold. Transactions in smaller amounts will vary in price accordingly. Also note that there are two quotes, buy/sell or call/ask. The difference is the ’spread’ and where dealers usually make their money. (with maybe a tad more padding here or there)
> 
> I often forget to auto-update so I just enter them manually from the Kitco website as of the 1st of the month. I use NY Spot since I’m in the U.S. but you may prefer London Fix. (which is not really the market price however.)
> 
> Regards,
> Adrien
> 
>> On Apr 8, 2020 w15d99, at 11:18 AM, Eric Coates via gnucash-user <gnucash-user at gnucash.org> wrote:
>> 
>> 
>> 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.
>> 
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