Gold has no earnings and pays no interest, so its price is set almost entirely by supply, demand and what people expect of money itself. These are the forces that matter most.
1. The US dollar
Gold is priced internationally in US dollars per troy ounce. When the dollar strengthens, gold becomes more expensive for buyers using other currencies, and the dollar price often eases. When the dollar weakens, the opposite tends to happen. The link is not fixed, but it is one of the most watched relationships in the market.
2. Interest rates and the cost of holding
A bar of gold earns nothing while it sits in a vault. When interest rates after inflation (real rates) are high, holding cash or bonds is more attractive and gold has to compete harder. When real rates fall, or turn negative, the cost of holding gold instead of a deposit shrinks and demand usually improves.
3. Uncertainty and safe-haven demand
In financial crises, wars and periods of political tension, investors often move part of their wealth into assets that do not depend on any single government or bank. Gold is the oldest of these. Sudden spikes in the price frequently follow news, not changes in supply.
4. Central banks
Central banks hold gold as part of their reserves. Since 2010 they have been net buyers, and their purchases have become a steady source of demand. We look at this in more detail in Why central banks are buying gold.
5. Jewellery and the calendar
China and India are the two largest markets for gold jewellery. Demand rises around Lunar New Year, the Indian wedding season and festivals such as Diwali, and it slows when prices jump sharply, as shoppers wait for a better moment.
6. Supply
New mines take many years to develop, so mine output changes slowly. Recycled gold, mostly old jewellery, responds faster: when prices rise, more people sell.
From the world price to a Hong Kong tael
Hong Kong buyers often think in Hong Kong dollars per tael. A rough conversion is:
HK$ per tael ≈ US$ per oz × USD/HKD rate × 1.2034
The factor 1.2034 is simply 37.429 g (one tael) divided by 31.1035 g (one troy ounce). Because the Hong Kong dollar is linked to the US dollar, the tael price follows the international price closely. Our weight converter does the unit part for you.
This article is general information, not investment advice.
黃金沒有盈利，也不派息，因此金價幾乎完全取決於供求，以及市場對貨幣本身的預期。以下是最重要的幾項因素。
一、美元走勢
國際金價以每金衡盎司美元計價。美元走強時，以其他貨幣購買黃金的成本上升，美元金價往往回落；美元走弱時則相反。兩者關係並非固定，但一直是市場最關注的指標之一。
二、利率與持有成本
金條存放在金庫中不會產生利息。當扣除通脹後的實際利率偏高時，持有現金或債券較具吸引力，黃金便較難競爭；實際利率下降甚至轉為負數時，以黃金代替存款的機會成本減少，需求通常隨之改善。
三、避險需求
在金融危機、戰爭或政局緊張時，投資者往往把部分財富轉移至不依賴任何單一政府或銀行的資產，而黃金正是歷史最悠久的一種。金價的急升，很多時候源於新聞事件，而非供應變化。
四、各國央行
央行把黃金作為外匯儲備的一部分。自2010年起，央行整體一直是淨買家，其購買已成為穩定的需求來源。詳見〈各國央行為何增持黃金〉。
五、首飾需求與節令
中國和印度是全球最大的黃金首飾市場。農曆新年、印度婚嫁旺季及排燈節前後需求上升；金價急升時，消費者則傾向觀望，需求放緩。
六、供應
新礦由勘探到投產往往需時多年，因此礦產量變化緩慢。回收金（主要是舊首飾）的反應則較快：金價上升時，出售舊金的人便會增加。
由國際金價換算香港「兩」價
香港買家習慣以每兩港元計算，可用以下公式粗略換算：
每兩港元 ≈ 每盎司美元價 × 美元兌港元匯率 × 1.2034
1.2034 即一兩（37.429 克）除以一金衡盎司（31.1035 克）。由於港元與美元掛鈎，本地兩價與國際金價走勢十分貼近。單位換算可使用我們的重量換算工具。
本文僅供一般參考，並不構成投資建議。
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