Gold was the basis of economic capitalism for hundreds of years until the repeal of the Gold standard, which led to the expansion of a fiat currency system in which paper money doesn't have an implied backing with any physical form of monetization.
AU is the code for Gold on the Periodic table of elements, and the price above is Gold quoted in US Dollars, which is the common yardstick for measuring the value of Gold across the world.
But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk. Click here to dismiss. Gold Hovers Above Support: British Pound Extends Win Streak. First Name Please enter valid First Name. Last Name Please enter valid Last Name. E-Mail Please enter valid email. Phone Number Please fill out this field. Country Please Select Please select a country.