Live Gold Spot Price Chart

As one of the most traded assets in the world, gold is bought and sold on futures markets across the globe. Among the best known are the markets in New York, Chicago, London, Zurich and Hong Kong.

Much of that trading happens on COMEX (Commodity Exchange Inc.), a key market for precious metals including gold, silver, copper and platinum. COMEX is now the metals division of the New York Mercantile Exchange, and it is central to how the spot price of gold is set.

Spot price calculations largely use the front-month gold futures contract traded on COMEX. "Front-month" is the contract month whose expiry date is closest to the current date.

Gold unit conversion: 31.1035 grams of 24-carat pure gold = 1 troy ounce; 1 kilogram of 24-carat pure gold = 32.15 troy ounces.

The gold spot price per ounce can vary with the following factors.

Currency and economic strength: the dollar and the price of gold tend to move in opposite directions, which is why gold has often risen in times of economic struggle, when many buyers see it as more stable than other assets.

Social, economic or political events: uncertain environments usually raise the price of gold, since many treat it as a safe haven. Geopolitical uncertainty, economic uncertainty and wars have historically coincided with higher gold prices.

Buying power: high transaction volumes can move the spot price directly. This usually happens when gold is bought in bulk by large entities, such as central banks, multinational corporations or very wealthy buyers.

Market speculation: because gold prices move, traders take positions on where they are heading, which adds to fluctuations in the spot price.

Gold has immense historical, economic and cultural significance. Its rarity makes it one of the most valued precious metals, and it has been held by families for centuries. Today many people buy it for its relative stability in volatile markets, as a hedge against inflation and currency weakness, and to diversify, including within precious metals retirement accounts.

The form gold is held in matters too. Physical bullion bars and coins are the most popular forms today. Paper certificates are also used, but because they give no physical ownership they are less common: unlike bars or coins, a certificate is a statement of ownership of a set amount of gold stored on the holder’s behalf.

Gold is sold in sizes anywhere from 1 gram to 400 oz. Bullion Hunters compares gold products from dealers for every kind of buyer, from investors to collectors.

Whether it suits your own situation is a decision for you or a financial professional.

Gold spot prices do not vary with geography: traders close any gap between markets, and that consistency is what allows an arbitrage-free gold market to exist.

Local prices differ only by currency conversion, taxes and dealer premiums.

Quite simply, the gold/silver ratio is the buying power for gold that comes with owning silver. Mathematically, it is the number of ounces of silver it takes to buy one ounce of gold.

The ratio moves as the prices of both metals change over time. It shows the worth of silver relative to gold, and whether either metal looks expensive or cheap against its own history.

When buying gold from a dealer, the price the buyer pays is the "ask". When you sell gold you already own back to a dealer, the price the dealer pays you is the "bid". The difference between the two is called the spread, or the bid-ask spread.

When gold is made into a product, the manufacturer marks up the price before selling it to a dealer. The dealer then marks it up again to cover distribution costs and a dealer fee, and it is at that marked-up price that the product is sold to buyers.

Bullion Hunters compares those premiums across dealers, so you can see who charges what over spot for the same product.

The United States uses the troy ounce to measure gold. The standard comes from medieval England and has been used for US coinage since 1828.

The difference between an ounce and a troy ounce is only about 3 grams: an ordinary ounce is around 28.349 grams, while a troy ounce is about 31.103 grams.

While gold is a relatively stable asset, its price is still influenced by a number of factors, such as current events, currency values, supply and demand, buying power and market speculation, and it trades almost around the clock.