Economy broadly refers to the production, distribution and selling of goods in the marketplace. The distribution of resources in the market determines the economy of the country or region. Every country differs in its economic trends and the country with a good economy is considered far ahead than others. When it comes to the economy of the United States, it is a known fact that the economy here is a mixed economy.
The United States is very powerful in its economical structure and stands as the largest economy according to the nominal GDP and net wealth. The resources which determine the economy of a country or region vary from place to place. However, the most important resources are usually precious metals such as gold and silver, crude oil, and so on. Apart from these, the recent addition to the arena of economic growth is cryptocurrencies.
They have gained huge popularity over the years and now more and more people are looking forward to investing in cryptocurrencies. The market commodities which determine the economy of the country are quite erratic and volatile in nature. Based on the technical forces and foreign exchange prices, the rates of these commodities are greatly influenced. Read on further to know the dynamic patterns of economic resources in the United States.
Latest Prices of Gold in US Dollars
Gold is one of the precious metals that have been popular since ages. Gold price calculator is the biggest market metal in comparison to the five main precious metals. Gold has proved to be of utmost value owing to its rarity and higher economic value. Apart from jewellery, gold has also been used in currencies in the past which makes it a monetary metal as well. The properties of gold such as being a good conductor, highly malleable, less reactive and non-corrosive makes it highly useful in industrial sectors as well. The price of 100% pure gold in the USA currently is 60.44 USD per gram. The price of gold is dependent on its purity and it is measured in karats. The highest and purest is the 24K gold while the lowest usually is taken as 9K. Gold is measured in the standard unit of measurement which is gram and thus the price of gold keeps changing and is based on per gram of the metal. The current gold rates in USA is increasing at an average of about 60.3 USD and thus according to technical analysis the gold prices might rise in the coming days.
Latest Prices of Silver in US Dollars
Silver is another precious metal in the category of the five main precious metals. It is the second most precious metal after gold. Silver, too, has been used in the past as currencies and is highly used in industrial sectors because of its properties which make it seen as of high store value. Silver has a lot of significance in the marketplace and is highly in demand always.
While buying silver or any precious metal, it is important to keep in mind that the prices of these metals are based on the value of US dollars. The price of silver is comparatively lower than that of gold since it is easier to mine and available in more quantity than gold. The current silver price stands at 0.90 USD per gram for 24K silver. 24K is considered the purest form of the metal and thus the price of any metal is the highest for its purest form.
As the purity decreases, so does the rate. Since silver is usually purchased in bulk quantities, the current rate of 1000 gram of 24K silver is 891.86 USD. The average change which is calculated over a span of 30 days shows that there has been a change by 1.77 USD in silver rates. Therefore, it is very important to keep a check on the changing patterns of silver rates before making any sell or purchase.
Latest Prices of Oil in US Dollars
Oil is the most important and in demand commodity worldwide. The natural or the unrefined form of oil which is the crude oil is one of the largest factors of the growing economy in the United States. The changing prices of crude oil show the volatile nature of the market as well as sets a benchmark for global economic activity since a major portion of crude oil is exported or imported based on its availability.
The two most important grades of crude oil are Brent Crude and West Texas Intermediate in the US. The oil price is usually measured in barrels or litres. The current price of one barrel of crude oil in the USA is 66.18 USD while that of one litre is 0.42 USD. Oil being one of the most in-demand commodities has seen a significant rise in its average price and might continue to do so over the years to come. However, it is necessary to keep in mind that the prices are volatile and it is advised to study the latest and past trends before making a bid or purchase.
The US economy is one of the world’s largest economies and is growing at a good pace. Being the highest economy, the US dollar is considered very important in determining the current rates of metals, oil, etc. Since it is a known fact that the market rate of various economic resources keeps changing and is extremely volatile, it is advised to keep a strong watch on the ever changing patterns of these resources before making a decision to bid, sell or purchase.
The supply and demand of market commodities impact its prices. It should also be kept in mind that the predictions made by technical analysis may seem accurate but are not facts and hence are subjected to change. Thus, it should be a wise and thoughtful decision before planning to invest in any market commodity and it is advised to go through the disclaimer before making a decision.