Gold Price Chart

Gold Price Guide

Answers to common questions about the spot price of gold:

What Is the Gold Spot Price?

The spot price of gold is typically the base price of one troy ounce of gold in any form. The spot price is based on trading activity in the futures markets. Gold is traded like stocks and other securities do, and “spot” reflects the real time price based on all trading activity at any given moment. In the US, the COMEX is the primary exchange that sets gold and silver prices. While trading of actual physical metal occurs on most exchanges, it is primarily used to hedge those positions and as such is a derivative of futures, and thus has minimal impact on setting the price.

Spot usually refers to the “bid” price you see listed—which is the price most recently quoted in the market that buyers are willing to purchase at (which might differ slightly from the “ask” price sellers are currently seeking). The spot gold price is quoted in US dollars, since gold is universally priced in US dollars in markets around the world. Any quote of the spot price of gold in grams or kilos is typically just a conversion of the value in ounces, and not a separate trading market. It’s the same for other currencies, like Euros or Yuan, which are usually calculated using current foreign currency exchange rates.

Gold trades around the world and around the clock. Some of the larger exchanges include New York, London, and Shanghai. Gold trades from 6pm eastern to 5:15pm eastern, Sunday through Friday (the market is closed for 45 minutes on weekdays). The spot price constantly fluctuates during trading days, depending on what buyers and sellers are doing.

The London market also provides a fix price twice per day (during business days). The fix price is a benchmark for institutions, producers, and other large market participants to price contracts. Retail customers typically cannot buy and sell based on the fix price, only the spot price. Nevertheless, the London Fix remains a standard benchmark for tracking the gold price over time. GoldSilver.com provides gold price charts for tracking the daily movements of the London Fix year by year.

What Makes the Gold Price Move Up or Down?

Many factors influence buyers and sellers. The catalysts that have the greatest impact on the gold price are these:

• The US Dollar - The dollar and gold tend to be inversely correlated (when the dollar rises, gold falls, and vice versa). While the behavior of any currency can impact gold prices, the US dollar does so most directly since gold is primarily priced in dollars.
• Commodities - Gold is more "money" than a commodity, but since it has industrial and jewelry applications, the price can be impacted by how commodities, as a sector, are performing in general.
• Inflation - Known as perhaps the greatest inflation hedge throughout history, gold tends to rise not only during periods of actual inflation, but also when inflation is merely anticipated.
• Interest Rates - Gold and interest rates are generally inversely correlated (when rates rise, this is generally thought to be negative for gold). However, the “real” rate (prevailing interest rate minus inflation) is more important than the nominal rate itself.
• Stock Markets - Gold and the stock market are also inversely correlated. When investors are excited about stocks, they tend not to buy gold. When the stock market is falling and they’re fearful, they tend to buy gold.
• Central Banks - The activity of central banks (from money printing to buying or selling gold) can influence gold prices. Selling, however, has been circumscribed for many years by the Central Bank Gold Agreement, which is revised every five years. We are currently under the 4th CBGA, which expires in May 2019.
• Crisis - In virtually any type of crisis — from a terror attack to political upheaval to a recession — gold tends to be viewed as a safe haven. An event or trend that causes fear in investors often pushes gold prices higher.
• Manipulation - This is always a hot topic. See below.
• Silver - Silver normally rises and falls in tandem with gold. It is affected by the same factors listed above, but not to the same degree. Though useful as money for small transactions, silver is extremely bulky compared with gold, and has many more industrial applications, so it typically doesn’t play the same reflexive “safe haven” role (at least the same degree) that gold has for millenia.

As you can see, gold is traditionally considered a safe haven asset, or a hedge in financial terms, so it often moves in the opposite direction of large currency, stock, and bond market moves. In other words, when the price of a currency drops, gold will tend to rise in opposition, so it can serve to insulate a portfolio from losses in other assets, similar to an insurance policy.

Ordinary purchasing and liquidation activity, along with speculation, typically make for the minute-by-minutes changes to the spot price.

Keep in mind that the gold market is relatively small compared to other markets, so the price can be more easily impacted by small amounts of money that enter or leave the sector.

What Is the Gold Price Right Now?

You can see the gold price and watch its daily movements at the top of this page. You can even view historical prices with our interactive chart, along with how it’s performing in relation to other assets.

What Is the Gold Price In My Currency?

Since gold is priced in US dollars around the world, the spot price is the same everywhere at any given moment. However, investors in non-US countries can convert the US price to their local currency to reflect its value in that unit of currency. Even though the underlying spot price is the same, at any given time in local markets (such as on a trading website or at a local coin shop) the premium above spot may vary, sometimes significantly.

There have been times where, due to changes in a currency’s value, the gold price in another currency may rise or fall more than the US dollar price—or even move in the opposite direction. In 2014, for example, the gold price rose in all major currencies, except the US dollar.

Why Do I Care About the Gold Spot Price?

Any buying and selling you want to do will be based upon the spot price of gold. Purchases are based on the “ask” price, and sales are based on the “bid” price.

If you’re a buyer, you naturally want a lower price. And when you someday sell, you’ll want the highest spot price you can get.

Any transaction you make in the gold market will be based upon the spot price.

Can I Buy Gold at the Spot Price?

No. The spot price is for “unfabricated” metal. There are costs involved to form gold into a coin or bar or necklace, so a premium is charged by the refiner who manufactured the product and by the dealer who procures and sells the product.

Your cost will depend on the form of gold you buy. The lowest premium items are gold bars. Gold coins have a slightly higher premium, since they have more intricate designs. Gold jewelry is more expensive given the craftsmanship involved (though you can buy “bullion jewelry” that is comprised solely of gold and avoids the high mark-up of most costume jewelry today).

All dealers charge a premium over the spot price. Here’s how to find a reputable bullion dealer with competitive premiums, along with advice on what to buy.

Why Is the Gold Price So High?

To those new to the market, the gold price might seem high for just one troy ounce. But this shows how much investors around the world value this precious metal. Gold has some use as a commodity—in medicine and as jewelry, for example—but its primary use is as money, as a store of value. This has been its primary use for thousands of years.