Spot Price of Gold
The spot price of gold is an important benchmark for the gold bullion industry. The spot price is the price that gold will sell on the spot, that very day. It is an indicator for the entire precious metals industry and a standard used by dealers to set their premium prices in order to sell to consumers. Any investor or consumer should keep an eye on the spot price of gold on a daily basis as it continues to fluctuate with the world market.
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What is the spot price of gold?
The spot price of gold is the standard used to determine the current price that one troy ounce of gold can be bought or sold. The spot price is based on the unfabricated form of gold or silver before being sold to a dealer to be struck as a coin or poured into a bar. Dealers use the gold spot price as a basis to determine what to charge for a coin or bar.
How is the Spot Price of Gold Determined?
The spot price of gold is constantly changing and there are many factors that influence this fluctuation. Supply and demand, current events, and market speculation all have an impact on how the spot price of gold is determined. Gold and precious metals are bought and sold around the world, 24 hours a day. Gold is also being traded around the clock at exchanges in New York, London, Sydney, Hong Kong, Tokyo and Zurich. On any given day, these exchanges influence and help determine the spot price of gold.
Why Should I Pay Attention to the Spot Price of Gold?
Keeping up with the spot price of gold allows an investor to make informed decisions on a daily basis. Whether buying, selling or trading, keeping up with the spot price of gold helps a consumer make a transaction when the time is right. If the spot price is high, you could consider selling and if it’s low you may want to buy.