The gold price used in the above charts is the London PM fix and is quoted in US dollars. 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 closing price on the same day. For example, the London PM fix on 30th September 2010 was USD 1,307.00 and the closing price for one USD was GBP 0.636. The gold price in pounds sterling (GBP) would therefore be calculated as £831.25.
Like all prices, the gold price reflects not only the inherent value of gold, but also the relative strength of the currency in which it is quoted. For example, the dollar price of gold may increase more in percentage terms than the sterling price of gold, to the extent that the change in price is a reflection of dollar weakness (in this case, against sterling) rather than an intrinsic change in gold market fundamentals.