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Gold Prices in New Zealand Dollars
Gold is exchanged all over the world, and it can be transacted in any currency. If you were looking to buy or sell gold in New Zealand, you would likely see the price of gold quoted per ounce, gram and kilo in the local currency. The gold price may also potentially be quoted in other currencies as well.
The New Zealand Dollar is the official currency of New Zealand as well as the Cook Islands, Niue, the Ross Dependency, Tokelau and the Pitcairn Islands. The New Zealand Dollar is one of the most heavily traded currencies in the world, and is oftentimes referred to as the “kiwi” for the country’s indigenous bird.
The New Zealand Dollar was introduced in 1967, and like many other currencies can be subdivided into 100 smaller currency units, or cents. There are currently five coins and five banknotes that make up the currency.
The Reserve Bank of New Zealand is the only supplier of New Zealand banknotes, and distributes the banknotes to trading banks. The Reserve Bank has also had legal authority over the country’s coinage since 1989.
Gold Pricing in New Zealand Dollars
The gold market is constantly moving as the laws of supply and demand determine value. Regardless of what currency gold may be quoted or traded in, the yellow metal has numerous potential influences when it comes to price. Some of the major possible factors that can impact the price of gold include:
- Central bank activity
- Interest rates
- Investment demand
- Currency markets
Gold is bought and stored by both massive financial institutions like central banks as well as individual investors. Gold is desired for its reputation as a reliable store of wealth and value, and it may potentially provide an added degree of portfolio diversification while also potentially providing a hedge against inflation.
The New Zealand Mint
The New Zealand Mint is the only precious metals mint located in New Zealand. The mint has been doing business for over four decades now, and it maintains an excellent reputation among the bullion community. The New Zealand Mint was one of the first mints in the world to adopt the .9999 percent purity standard for gold coins.
In addition to minting coinage, the New Zealand Mint also provides metals trading services and secure storage options for customers. The mint is located in the city of Auckland.
The mint produces numerous gold and silver collectible coin sets. Some examples of these coin sets include Great Cities, Whales Of The Southern Ocean, Warriors Of History and Great Migrations.
The 2017 1 Ounce New Zealand Rooster Silver Coin is a fine example of the mint’s quality craftsmanship and beautiful design work. This silver coin contains one troy ounce of .999 percent fine silver.
The coin is part of the mint’s lunar series, and celebrates the year of the rooster. The coin’s obverse features the profile portrait of Her Majesty Queen Elizabeth II. The reverse of this coin features a rooster perched on a picket fence, with two other roosters standing nearby.
The New Zealand Economy
The economy of New Zealand is heavily dependent on international trade and is one of the most globalized economies in the world. Although New Zealand has a very diverse economy, its service sector does account for a large portion of the nation’s GDP.
New Zealand has abundant resources of limestone, silver, iron ore, coal and gold. The nation’s mining industry is a large employer, and plays a significant role in the country’s economy.
New Zealand is also an exporter, and some of the country’s top exports include butter, rough wood, milk, sheep meat and goat meat. Because New Zealand is located so close to Australia and due to the two country’s trade relationship, the New Zealand economy is closely tied to the Australian economy.
If both investment demand as well as industrial demand for silver continue to rise, New Zealand’s silver mining industry could potentially expand, adding to the country’s overall economic output.