Since the credit crunch in 2007 the price of gold has climbed steadily as people move their savings from currencies into the commodity to avoid the damaging effects of economic activities like quantitative easing.
Gold as an asset or commodity is traded world wide via over the counter transactions on both the NYMEX (New York Mercantile Exchange) and TOCOM (Tokyo Commodity Exchange).
As gold is loaned and borrowed from central banks at different interest rates than currency this plays a large factor in the price of gold. The other deciding factor is the cost of transactions known as gold future contracts, the price is driven by the spot price of these transactions in combination with any rate differentials between the relevant interest rates quoted by lending banks.
Generally as the forward price of gold has been less than the spot price, gold has been seen as a sound investment and a place to move liquid assets during times of inflation.
The time differential between the New York and Tokyo exchanges means gold is nearly almost being traded around the clock, the price of transactions on one market will feed into the other. This means that the Asian Gold Rate in the UK can be worked out using a couple of simple websites.
GoldPrice.org is perhaps the best website for people looking to find the Asian Gold Rate in the UK, by offering a comprehensive live pricing service on its home page its provides a one stop service for consumers and investors gold needs. Vast amount of information is provided such as differing currencies and how to invest in gold at the quoted price.
Another website we recommend for anyone looking to invest in gold is FinFact.ie, this gives historic information on prices and trends which will enable investors to make the best decisions when it comes to buying and selling gold.