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Gold: What Is Spot Price?

Gold: What Is Spot Price?

What is Spot Price?

The current price of an asset in the marketplace that can be sold or bought immediately is its spot price. Spot prices are time and place-specific. However, they can be uniform for most commodities and securities worldwide.

Gold’s Spot Price

Gold’s spot price is the rate at which you can purchase gold right now per ounce, gram, or kilo. It fluctuates constantly and is driven by various factors. For US Dollars, gold’s spot price is quoted per ounce.

Price charts are used to identify the spot price trends in the market. These charts use multiple timeframes based on your objective. For example, long-term gold investors would view gold price charts yearly, monthly, or weekly, whereas short-term hedgers would view hourly or daily.    

What Determines Gold’s Spot Price?

A laptop screen displaying charts.

The Law of demand and supply sets the gold’s spot price. If you’re buying gold, your seller might increase the price for you to bid higher. Factors that influence the supply and demand equation can also affect spot gold prices.

Driving Factors for Gold’s Spot Price

Gold is not only an investment. It is also used in various industries and by jewelry makers. The factors that influence gold’s spot price are extensive, but the major ones are listed below:

  • Equity market
  • Geopolitics
  • Appetite or risk aversion
  • Monetary policy or interest rates
  • Deflation or inflation
  • Currency markets
  • Jewelry demand
  • Investment demand

Investment demand for gold is potentially strong during geopolitical and economic stress. For instance, spot gold price may increase during a war or a stock market collapse. Ultra-low interest rates also benefit gold as they lower its opportunity cost of bearing. Since gold doesn’t offer any interest or dividend, it comes under pressure with the rise in interest rates.

The spot price for gold declines with the rise in the dollar’s value, making gold expensive for foreign investors. Similarly, gold spot prices rise when the dollar loses its value, making it cheaper for foreign buyers.

Global Gold Spot Prices

Gold is used and traded globally as a medium of exchange for jewelry making and investment purposes. Since an ounce of gold is the same everywhere, its spot price is also the same. As a buyer/seller, you should know that gold is sold at a discount to spot and bought for a premium over spot.

If you wish to invest in gold, reach out to Orion Metals Exchange. We can help you buy gold coins online for your retirement plan. Our experience and knowledge of the market can enable you to create the retirement plan you deserve. Contact us today for more information.    

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