Gold “Spot” and “Fix” Prices
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 future markets. “Spot” reflects the real time price based on all trading activity at any given moment.
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.
The London market (LBMA) 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.
For online spot and fixing prices for all markets (NY, London, Asia) please follow www.kitco.com