The future price, which we also display on this page, is used for futures contracts and represents the price to be paid on the date of a delivery of gold in the future.
In normal markets, the futures price for gold is higher than the spot. The difference is determined by the number of days to the delivery contract date, prevailing interest rates, and the strength of the market demand for immediate physical delivery. This is the change in the price of the metal from the previous close, which is not necessarily the previous day.
Weekdays from PM NY time until midnight the previous close is from the current day. We use the last quote at PM as the close of that given day. Change is always the difference between the current price and the price at pm. This is the change in the price of the metal from the price at the end of the previous trading session.
Currently, the weekday closing time is PM Eastern Time. This is the change in the price of the metal from 30 days ago as opposed from the previous close. This is the change in the price of the metal from a year ago today, as opposed from the previous close. Every precious metals market has a corresponding benchmark price that is set on a daily basis.
These benchmarks are used mostly for commercial contracts and producer agreements. These benchmarks are calculated partly from trading activity in the spot market. An OTC is not a formal exchange and prices are negotiated directly between participants with most of the transaction taking place electronically. Gold, actually trades 23 hours a day Sunday through Friday. Most OTC markets overlap each other; there is a one-hour period between 5 p. However, despite this one hour close, because spot is traded on OTC markets, there are no official opening or closing prices.
For larger transactions, most precious metals traders will use a benchmark price that is taken at specific periods during the trading day. The spread is the price difference between the bid and the ask price.
Both gold and silver are fairly liquid markets so traders can expect to see a fairly narrow spread in these markets; however, other precious metals may have wider spreads, reflecting a more illiquid marketplace. Because there is no official closing or opening price for gold or silver, market participants rely on benchmark prices, set during different times of the day by different organizations.
These benchmarks are also referred to as fixings. The benchmark price is determined twice daily in an electronic auction between participating banks with the LBMA, which is administered by ICE Benchmark Administration. For almost years, the main gold benchmark price was set by the London Gold Fix. The price was determined in a closed physical auction among bullion banks. A price is determined after most buy orders matched most sell orders.
These auctions would take place twice daily, once in the morning and once in the afternoon in London, England. The association shifted the price matching mechanism from a physical auction to an open electronic auction among its members. Launched in , the benchmark price mechanism in China is known as the Shanghai Gold Benchmark price. The price setting follows the same process as the London Gold Price in that the price is set twice daily. However, it is denominated in yuan or renminbi rather than U.
The price is also derived from a 1-kg contract. The benchmark is listed on the Shanghai Gold Exchange. One troy ounce of gold is the same around the world and for larger transaction are usually priced in U. Traditionally, currencies that are stronger than the U. While gold is mostly quoted in ounces per U. The Kitco Gold Index KGX is an exclusive feature that calculates the relative worth of one ounce of gold by removing the impact of the value of the U.
The Kitco Gold Index is the price of gold measured not in terms of U. Gold and most precious metals prices are quoted in troy ounces; however, countries that have adopted the metric system price gold in grams, kilograms and tonnes. Though not as popular as kilograms and grams, Tael is a weight measurement in China. The tola is a weight measurement in South Asia. A troy ounce is used specifically in the weighing and pricing of precious metals and its use dates back to the Roman Empire when currencies were valued in weight.
The process was carried over to the British Empire where one pound sterling was worth one troy pound of silver. The U. Mint adopted the troy ounce system in An imperial ounce equals While you can buy gold in any currency in the world, it is important to realize that ultimately everything is based on the value of the U. Given that the U. Reserve currencies are used to settle international transactions. Since the start of the 20th century, the U.
The reason gold and silver prices vary widely boils down to one simple fact: rarity. The less supply there is of a metal, the higher the price.
Therefore, gold prices tend to be much higher than silver prices because it is much harder to get. Investment guide Guide to gold How to buy gold Gold investment Gold investment plan Investment insurance Compare asset performance Guide to silver How to buy silver Guide to platinum How to buy platinum.
Charts Gold price Silver price Platinum price Price alerts. Live silver price chart Live platinum price chart. BullionVault's Gold Price Chart. Why do the prices quoted on BullionVault change over the weekend, when the chart doesn't? This chart is a live feed of the spot price in the wholesale market. It closes over the weekend and public holidays. BullionVault on the other hand never shuts.
It allows you to trade 24 hours a day, every day of the year. Can I get an alert if the market moves significantly?
Set a custom gold price alert to be emailed whenever the gold price moves through your chosen value. Alternatively, follow our Tweets to be alerted whenever the gold price moves by a particular amount. Can I purchase at these gold rates? BullionVault gives private investors around the world access to the professional bullion markets. You can benefit from the lowest costs for buying, selling and storing, starting from 1 gram at a time — just a fraction of one ounce.
Calculate commission and storage fees using our cost calculator. What is the Daily Price? London is the heart of the worlds physical gold market.
Twice a day, its biggest bullion banks agree a price to clear their outstanding order, and the London Bullion Market Association publishes that price on its website. The price is determined on UK working weekdays at 3pm London time for gold mid-day for silver, 2pm for platinum.
The prices are made public at midnight. Orders are processed shortly after the price is determined using a provisional, estimated price, and then adjusted to the published price on the following working day. Place your order for gold by pm am for silver, pm for platinum. Ordering at the Daily Price is an easy way to buy and sell.
Tell us how much you want to trade and well do the rest for you. Changes in the U. Dollar Index are a major catalyst for changes in live gold prices on a daily basis.
Gold can also be affected by rising or falling gold jewelry demand. India, for example, is home to a major gold jewelry market. When demand for such jewelry is strong, gold prices may possibly rise. If jewelry demand is soft, however, it may potentially be reflected in weaker gold prices.
Interest rates are another primary driver of gold prices. Higher interest rates can make holding gold relatively more expensive, as there is an opportunity cost to hold gold given the fact that it does not pay dividends or interest.
Lower interest rates, however, may potentially have a positive effect on gold. This is due to the fact that lower rates lessen the potential opportunity cost of holding gold, and therefore may possibly make it more attractive to investors. Theoretically, yes. An ounce of gold is the same ounce of gold regardless of whether it is traded in the U.
Most major gold markets use live gold prices denominated in U. Dollars per ounce, gram or kilo. That being said, however, fluctuations in currency values can make gold relatively more or less expensive for investors using currencies other than dollars.
China, India and the United States are some of the biggest marketplaces for gold. Gold trading is essentially an around the clock activity at this point, as there is basically always an open market. This makes access to live gold prices even more important. Live gold prices may enable investors to closely monitor price activity, and may provide information necessary to make buying or selling decisions. Live gold prices are always updating, and can provide nearly instantaneous price information for the spot gold market.
Live gold prices can also be depicted on charts. This provides investors a tool for identifying price trends in the gold market or for looking for specific areas of support and resistance to buy or sell at. Gold Price Group N. View Live Gold Prices at the No.
Calculators Calculator options. Historical Closes Historical Closes. Pick a Date and Click. Current Gold Holdings Amount. Weight Ounce Gram Kilogram. Current Price. Current Value. Future Gold Price. Future Gold Value. Current Silver Holdings Amount.
Future Silver Price. Future Silver Value. Wealth Summary. Future Value. Save the values of the calculator to a cookie on your computer. Note: Please wait 60 seconds for updates to the calculators to apply.
Display the values of the calculator in page header for quick reference. Display total in header bar. The Holdings Calculator permits you to calculate the current value of your gold and silver. Enter a number Amount in the left text field. Select Ounce, Gram or Kilogram for the weight.
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