September in figures: all four precious metals lower
On 31 August a gram of gold cost 123.00 euros; on 1 October at 10.55, 118.27. That is 3.8 per cent less. Silver, platinum and palladium went the same way, palladium the hardest: down 13.7 per cent in a month.
The four metals side by side
Gold started the month at 123.00 euros per gram and ended at 118.27. The highest point in our hourly series came on 4 September (123.72), the lowest on 28 September (116.36). Silver fell from 1.8569 to 1.7204 euros per gram, down 7.4 per cent; on 23 September it still stood at 1.8928.
Platinum lost the least: from 50.02 to 48.45 euros per gram, down 3.2 per cent, with a spike to 52.76 on 9 September. Palladium fell from 39.06 to 33.70 euros per gram and on 1 October stood lower than at any other moment in the month.
Gold against silver. One gram of gold bought 66.2 grams of silver on 31 August and 68.7 on 1 October. Silver therefore became cheaper relative to gold.
Why the euro cushioned the fall in gold
In dollars, gold fell harder than in euros. On 13 September a troy ounce cost 4,348 dollars; on 1 October, 4,153: down 4.5 per cent. Over the same period the euro lost 2.6 per cent against the dollar, from 1.1597 to 1.1291. A weaker euro means more euros for the same dollar, and that absorbed part of the fall.
At the end of September we wrote that the euro was still making up for the lower gold price entirely. Not this time: the gold price in dollars fell faster than the euro.
The sum. 4,153 ÷ 31.1035 ÷ 1.1291 = 118.27 euros per gram (1 October).
What it means for your pieces
At 118.27 euros per gram, 14 carat (585) represents 69.19 euros per gram in gold, 18 carat (750) 88.70 euros. A Dutch ten-guilder piece contains 6.048 grams of fine gold, worth 715.30 euros in metal; a 1 oz Krugerrand 3,678.60 euros. Silver at 925 represents 1.59 euros per gram.
These are material values, not payouts: our margin, which differs by type, comes off them. You hear the amount for your own pieces at a free valuation in one of our 45 branches or at home. Nobody knows what the rate will do next month, not even us; you decide on today’s figure.
- 150 more coins: from the Morgan dollar to the gold riderOur coin catalogue grows from 52 to 202 coins: 86 in gold, 50 in silver, 9 in platinum and 5 in palladium, from 50 countries. Every coin has its own page with fine weight and today’s price.Read on
- A question about your gold? Send us a WhatsApp messageBesides phone, email and the chat on our site, you can now reach us on WhatsApp. Handy for a photo of a hallmark or a quick question in between.Read on
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Sources
Where you can verify what you have just read.
- LBMAThe London gold and silver price our daily rate is built on
- WaarborgHollandThe Dutch assay office that verifies fineness and strikes hallmarks
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