Gold Rate in Australia
gold price in Australia has reached an all-time high of $2,281.37 for one ounce of .999 fine gold, with a historical total bullion coin or a proof ounce of $2,281.37.
A renowned bullion producer, a reputable newspaper from one of the leading financial and online magazines announced that gold rate in Australia had reached an all-time high of $2,281.37 for one ounce of .999 fine gold, with a historical total bullion coin or a proof ounce of $2,281.37.
The article was published in the Sydney Morning Herald, an online newspaper that includes all of Australia’s main metropolitan newspapers in its delivery.
The website describes itself as “the most powerful newsroom in Australia” and the article was written by the newspaper’s chief executive Peter Burgoyne.
It’s not known at this time if Burgoyne was the person to come up with the term “all-time”, but he described it to be the “highest ever”.
If you’ve ever bought gold in Australia, chances are you’ve paid a premium.
This week, Perth Mint’s CEO Michael Edgley said the gold price in Australia was among the highest in the world, with a price difference of 15% between the local Australian dollar and the US dollar (per ounce).
Gold is a unique case in the world of finance. It is a store of value. And unlike other precious metals, it has no industrial or commercial use.
“Gold is now more important than ever. The demand for gold as a hedge for investment in an uncertain world is on the rise,” said Edgley.
How much you get for your gold in Australia depends on where you live. Check the 22k gold rate in Australia, for example, are classified under “Precious Metals & Other Commodities,” which includes base metals, precious metals, and semi-precious metals.
This price differential has also caused Australian consumers to pour money into gold. In September 2016, the world’s biggest consumer of gold bought a record amount of gold on the spot market. The Australian Mint sold gold bullion at $10 more than the spot price.
There are currently 2,598.33 metric tons of gold in the world. Australia has the second-largest supply of gold reserves in the world, behind China.
A new report by the Australian Industry Group has concluded that, since 1980, the contribution of Australia’s oil worth and gas industry to GDP has risen from 2.3% to 9.4%.
Oil and gas production is directly responsible for around 14,000 direct and indirect jobs and contributes around AU$16.3 billion to the national economy.
The report also finds that, since 1980, the industry has supported over 200,000 businesses, including direct jobs and spin-off businesses.
AIG chief executive Innes Willox said: “Australia’s oil and gas industry is essential to both our national security and our economy.”
“Without the $40 billion per annum of oil and gas production, the rest of the Australian economy would collapse – our regional economies, in particular, would collapse. This is why there is a great focus on where and when Australia gets its LNG,” Willox added.
AIG believes that the current shortfall in government funding for local businesses is not about tax avoidance, but more about understanding that small businesses are the key to a strong economy.In their report, AIG says the Australian resources sector employs around 174,000 people directly and indirectly, and provides direct and indirect employment to more than 190,000 more, making up 9.4% of the Australian economy.