What Is Gold Spot Price? — The Complete Explanation
The gold spot price is the live market price for one troy ounce of 99.9% pure gold for immediate delivery, quoted in US Dollars. It is set by continuous trading on global futures exchanges and OTC markets, and is the universal benchmark for all gold pricing worldwide.
The spot price emerges from millions of buy and sell orders on two primary markets:
COMEX (New York) — Part of the CME Group, COMEX is the world's largest gold futures exchange. The most-active front-month futures contract effectively sets the real-time spot reference price used by data providers globally. COMEX trades from Sunday evening to Friday afternoon Eastern Time.
LBMA London OTC market — The London Bullion Market Association oversees the world's largest over-the-counter gold trading hub. The LBMA Gold Price auction (twice daily) sets the most widely used daily benchmark for commercial contracts.
Other exchanges — Shanghai Gold Exchange (SGE), Tokyo Commodity Exchange (TOCOM), Multi Commodity Exchange India (MCX) — also contribute to price formation, particularly during their local trading hours.
Spot Price vs. Futures Price
The spot price reflects the cost of gold for immediate (T+2 days) settlement. A futures price is the agreed price for gold delivered at a specified future date. Futures typically trade at a small premium to spot (a condition called "contango") to reflect storage and financing costs over time. The gap between spot and the nearest futures contract is called the "basis."
The LBMA Gold Price — AM and PM Fix
Session
London Time
UTC
EST (New York)
AM Fix
10:30 AM
10:30 UTC
5:30 AM
PM Fix
3:00 PM
15:00 UTC
10:00 AM
The PM fix is the most widely cited daily reference price. It is used by miners to value royalty payments, by central banks to value reserves, by ETFs to calculate net asset value (NAV), and by jewellery manufacturers for large material contracts.
Why Does the Spot Price Matter to You?
When you buy gold jewellery or investment bars, the spot price is the baseline. Understanding it lets you:
Benchmark dealer quotes against the fair metal value
Calculate the pure gold content value of any piece by karat (see our karat guide)
The gold spot price is the current market price for immediate delivery of one troy ounce of 99.9% pure gold, quoted in US Dollars. It is derived from continuous trading on global futures exchanges (primarily COMEX in New York) and OTC markets (primarily the London OTC market), and changes every second during market hours.
What is the LBMA gold price fix?
The LBMA (London Bullion Market Association) Gold Price is an electronic auction run twice daily — at 10:30 AM (AM fix) and 3:00 PM (PM fix) London time. It establishes a benchmark used by miners, refiners, central banks, and jewellers globally for contracts, royalties, and valuations. The PM fix is the most widely cited daily benchmark.
Why is gold priced in USD?
Gold has been priced in US Dollars since the Bretton Woods agreement of 1944, which tied major currencies to the USD and the USD to gold. Although the gold standard ended in 1971, the USD/gold pricing convention remains universal. Since the USD and gold often move inversely, a weaker dollar typically pushes the gold price higher.
What is the difference between spot price and retail gold price?
The spot price is the raw metal price for large institutional trades. Retail prices add a dealer spread (buy-sell margin), making charges or fabrication costs, taxes/VAT, and local import duties. For jewellery, making charges alone can add 5–30% above spot. For investment bars and coins, premiums are typically 1–5% over spot.
Is the spot price the same worldwide?
The international spot price in USD is universal, but local prices differ due to currency exchange rates, import duties, local taxes (like India's 3% GST), and regional supply-demand premiums. Use our country-specific pages to see today's gold price converted into your local currency.
What time does gold trading start and end?
Gold trades nearly 24 hours a day, 5 days a week. The main sessions are: Sydney (opens Sunday 5 PM EST), Tokyo, London (major), New York/COMEX (closes Friday ~5 PM EST). The market is closed on weekends, though over-the-counter trading may continue at reduced liquidity.
