How to read world gold prices, and why they differ
Gold is a globally priced asset, quoted in "US dollars per troy ounce". Local prices differ mainly because of exchange rates and the local customary pricing unit — not because gold itself has two prices.
Three common pricing units
- Troy ounce (oz): the international standard, 1 oz ≈ 31.1035 g, common in the US, UK, Europe and Switzerland.
- Gram (g): common at retail across China, Japan, India, the Middle East and most of Asia.
- Tael: used in Hong Kong and Macau; 1 Hong Kong tael = 37.429 grams (troy tael).
How local prices are calculated
e.g. HKD per tael = (USD/oz ÷ 31.1035 × 37.429) × the USD-HKD rate.
So when the US dollar strengthens, or a local currency weakens, the local-currency gold price rises even if the international price is unchanged. Figures here move with the live international price and exchange rates.
Why local retail still varies
Beyond exchange rates, local retail prices are affected by import duties, VAT, labour costs and local supply/demand — for example low jewellery labour in parts of the Middle East, or high demand in India's wedding season. Figures here are spot-derived references, not necessarily local shop retail prices.
Read more: Hong Kong live gold price · HK jewellers directory · Gold calculator