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Gold Prices in Swedish Krona
As a globally traded commodity, the price of gold is always on the move. Gold is typically quoted by the ounce, gram and kilogram and can be bought or sold using any currency. If you are looking to buy or sell gold in Sweden, for example, you would see gold prices quoted in the local currency. Gold may also be quoted in other currencies as well, such as U.S. Dollars or euros.
The Swedish Krona is the official currency of Sweden. In English, the currency is sometimes referred to as the Swedish Crown since krona means crown in Swedish. The currency was introduced in 1873 and it can be subdivided into 100 smaller currency units (although these have not been used since 2010).
The Swedish Krona was introduced to replace the riksdaler at par when the country joined the Scandinavian Monetary Union in 1873. The union lasted until the beginning of the First World War. The Scandinavian countries that were part of the union included Sweden, Norway and Denmark. The countries used a gold standard for the currency, and after the union disbanded each country kept the name of its respective currency.
The Sveriges Riksbank is the central bank of Sweden. The central bank is sometimes referred to as the Bank of Sweden or the Swedish National Bank. It is one of the oldest banks in operation and is the world’s oldest central bank. The primary responsibility of the central bank is to maintain price stability and stable levels of inflation. The central bank is also tasked with issuing and controlling the nation’s currency. Currently, the Riksbank’s objective is to keep inflation at two percent per year.
Gold Pricing in Swedish Krona
Gold prices are always moving based on the laws of supply and demand. The primary source of demand for gold is investors, although global jewelry demand can also play an important role. Gold prices can potentially be affected by numerous economic and geopolitical factors. Some of the main influences on the price of gold may include:
- Central bank sales or purchases
- Interest rates
- Investment demand
- Currency markets
- Investor sentiment
According to Tradingeconomics.com, the Swedish National Bank held 125.72 tons of gold as of the fourth quarter of 2016. Many central banks buy and hold gold bullion to diversify their reserves. Gold may also potentially add credibility to their currency. Individual investors may buy gold to diversify their portfolios and to provide a potential hedge against inflation and declining paper currency values.
The Swedish Economy
Sweden’s economy is an export-oriented developed economy. Sweden is a welfare state and it finances its programs through relatively high income taxes. The nation’s economy is heavily dependent on foreign trade, and its primary areas of industry include telecommunications, pharmaceuticals, motor vehicles, chemical goods, forestry, precision equipment, iron and steel.
Sweden has a highly skilled workforce, and various forms of engineering account for half of the country’s output and exports. Sweden’s primary trading partners include Norway, the U.S., Germany, the U.K., Denmark and Finland.
Sweden did not participate in the Second World War, and wasn’t forced to rebuild following the end of the war. The citizens of Sweden enjoy a very high standard of living due to a combination of high-tech capitalism and significant welfare benefits.
The Government of the Kingdom of Sweden is comprised of a national cabinet that has full executive authority over the nation. The government operates as a collegial body with a prime minister who is appointed by the Speaker of the Riksdag. The prime minister then appoints other cabinet members. In its current constitutional form, the Swedish monarch maintains no executive powers but rather serves as strictly a ceremonial head of state.
With further growth and expansion of the Swedish economy, demand for gold in the country could potentially increase. Increased economic output could also potentially strengthen the Swedish Krona, making gold relatively less expensive for buyers.