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How did gold become the universal currency?
How did gold's value get determined?
Gold's value was determined by its weight and purity. In ancient times, coins were made from a specific weight of gold. For example, the Roman solidus weighed 4.5 grams and was made of 97.5% pure gold. Today, gold's value is determined by supply and demand factors such as central bank buying, investment demand, mining production, and jewelry demand.