Golden Ounce Under the gold standard, the price of an ounce of gold in U.S. dollars was $20.67, while the price of that same ounce in British pounds was 63.7683. What would the exchange rate between the dollar and the pound be if the U.S. dollar price had been $42.00 per ounce? Gold Standard Assumptions Values What If Price of an ounce of gold in US dollars ($/oz) Price of an ounce of gold in British pounds (E/oz) What is the implied $/E exchange rate