Indeed, $3,340/oz as of the time of this comment.

Historically, a bank note was the equivalent to a fixed amount of gold. However this fell apart due to the volatility of gold once it became traded as a commodity on stock exchanges, as well as when other nations abandoned their own gold standards. Iirc the reason virtually no countries peg their currencies to gold is due to the fact that doing so limits the ability of governments to enact flexible monetary policy (ie QE) in times of economic hardship, or to influence the stability of a given economy (as Powell is doing niw by keeping interest rates up to prevent hyperinflation). It also severely disadvantages nations that do not have gold deposits, and limits the global economy as a result.

Note: I'm an armchair economist, everything here is as far as I understand it and could be wildly wrong, but I try to read/listen to proper economists and not yahoos spouting off in TV.