The gold prices used in this table and chart are supplied by FastMarkets. Where the gold price is presented in currencies other than the US dollar, it is converted into the local currency unit using the foreign exchange rate at the time (or as close to as possible) Learn More
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Gold mining is a major economic driver for many countries across the world. Well-managed, transparent and accountable resource extraction can be a major contributor to economic growth due to the creation of employment and business opportunities for local people. As well as direct and indirect jobs and employment, gold mining also brings foreign direct investment, foreign exchange and tax revenues to countries
Often operating in remote locations, gold mining companies invest in infrastructure and utilities. In addition to supporting the needs of a gold mine, these improvements to roads, water and electricity supplies are a long-term benefit to businesses and communities across the area, that outlives the production years of a gold mine
Responsible gold-mining companies also have ethical and commercial incentives to improve the health and education of the communities that they operate in. Many invest in social infrastructure, including schools, colleges and health centres that improve the opportunities and wellbeing of local people
The World Gold Council's Members operate in many of the world's lowest-income countries, which often lack developed health care services, and face the enormous task of dealing with poor nutrition and communicable diseases, including HIV, tuberculosis and malaria. As well as the human cost of these epidemics, there is also a considerable economic one. Responsible mining companies see shared value in helping host countries to tackle public health challenges and improve the quality of life for their employees and host communities through corporate social responsibility programmes and occupational health initiatives
In much of the developing world, a lack of access to power, clean water and transport infrastructure is a significant barrier to economic development. Gold mining often takes place in remote areas where there is little existing infrastructure, so companies invest heavily in building power supplies, piped water and roads, which can create important benefits for local communities. Infrastructure, from roads to power stations, is part of the legacy that responsible miners leave beyond the life of their mines, and is a major component of their beneficial impact on developing and middle income economies
The theory of price is an economic theory that states that the price for any specific good or service is based on the relationship between its supply and demand. The theory of price posits that the point at which the benefit gained from those who demand the entity meets the seller's marginal costs is the most optimal market price for that good or service.
The goal is to achieve the equilibrium where the quantity of the goods or services provided matches the demand of the corresponding market and its ability to acquire the good or service. The concept of price theory allows for price adjustments as market conditions change.
Supply denotes the number of products or services that the market can provide. This includes both tangible goods, such as automobiles, and intangible goods, such as the ability to make an appointment with a skilled service provider. In each instance, the available supply is finite in nature. There are only a certain number of automobiles available and only a certain number of appointments available at any given time.
Demand applies to the market’s desire for tangible or intangible goods. At any time, there is also only a finite number of potential consumers available. Demand may fluctuate depending on a variety of factors, like whether an improved version of a product is available or if a service is no longer needed. Demand can also be impacted by an item's perceived value by the consumer market.
Equilibrium occurs when the total number of items available—the supply—is consumed by potential customers. If a price is too high, customers may avoid the goods or services. This would result in excess supply.
In contrast, if a price is too low, demand may significantly outweigh the available supply. Economists use price theory to find the selling price that brings supply and demand as close to the equilibrium as possible.
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