The short answer
The spot price is the current wholesale price of one troy ounce of gold for immediate delivery, quoted in U.S. dollars. It comes from the big trading markets in London and New York, and it changes continuously from Sunday evening to Friday afternoon, U.S. time. Dealers use it as the base and add a premium, so you’ll normally pay more than spot for coins and bars.
What “spot” means
“Spot” is market shorthand for the price of gold bought for immediate delivery, as opposed to delivery at a future date. It’s quoted per troy ounce, the unit used for precious metals. A troy ounce is 31.1 grams, about 10% heavier than the ordinary ounce used for food.
The spot price is a wholesale price for large trades between banks, refiners and dealers. Individuals buying coins or bars pay a premium on top of it, and sellers get a price based on it.
Where the price comes from
Gold trades around the world, but two markets set most of the price:
- London, where banks and dealers trade gold directly with each other, the world’s biggest market for physical gold.
- New York, where COMEX gold futures trade. The standard contract is for 100 troy ounces, and it trades from 5 p.m. Sunday to 4 p.m. Friday, Chicago time (6 p.m. to 5 p.m. Eastern), with a one-hour break each afternoon.
The “spot price” you see on dealer and financial websites is a live figure drawn from these wholesale markets. Different providers take their numbers from different feeds, so two sites can show slightly different prices at the same moment.
There’s also an official benchmark, the LBMA Gold Price. It’s set twice each business day, at 10:30 a.m. and 3 p.m. London time, in an electronic auction run by ICE Benchmark Administration. It’s used to settle contracts and value holdings, but it isn’t the live price.
| Price | What it is | When it’s set |
|---|---|---|
| Spot price | Live wholesale price for immediate delivery | Continuously during trading hours |
| COMEX futures price | Price for delivery in a future month | Continuously during trading hours |
| LBMA Gold Price | Benchmark set by auction in London | Twice a day, 10:30 a.m. and 3 p.m. London time |
How often does the gold price change?
All the time on weekdays. Because trading in Asia, Europe and the U.S. overlaps, gold trades nearly around the clock from Sunday evening to Friday afternoon, U.S. time, and the price can change every few seconds when markets are busy.
Over the weekend the futures market is closed, so quoted prices stay at Friday’s close. Some dealers adjust weekend prices or limit orders until markets reopen, since the price can gap up or down on Sunday evening.
The moves add up. In 2026, gold went from a record near $5,600 an ounce in late January to around $4,300 by late September.
What moves the price
Day to day, gold reacts to the U.S. dollar, interest rates, economic data, central bank buying, money flowing into or out of gold funds, and news that makes investors nervous. Our guides to what moves gold prices and interest rates and gold go into these.
Using the spot price when you buy or sell
- Check the spot price at the moment you get a quote, from a financial site or the dealer’s own ticker.
- Work out the premium: the dealer’s price minus spot times the gold content.
- Compare that premium across two or three dealers for the same product.
- When selling, ask how the dealer’s offer compares with spot.
- Treat any offer to sell you gold below spot as a warning sign.
For the full picture of costs, see what gold really costs.
Frequently asked questions
Why is the spot price different on different websites?
Each site takes its price from a different data feed and updates at slightly different moments. The differences are usually small.
Can I buy gold at the spot price?
Not as coins or bars. Every physical product carries a premium over spot. Funds that hold gold track the price more closely, but they charge an annual fee, and you own shares rather than metal.
What is a troy ounce?
The unit used for precious metals. It’s 31.1035 grams, compared with 28.35 grams in an ordinary ounce.
Is the spot price the same as the price a dealer pays me?
No. Dealers pay a price based on spot, often a little below it for common bullion, and less for items they’d have trouble reselling.