Gold and silver are traded globally as commodities. Trading is done based on contracts for the future delivery of the precious metals. The spot price of gold or silver is the price that it is currently trading at based on the future delivery of the commodity contract. By being traded as futures on the COMEX market, most gold and silver is sold long before it is mined and refined into bullion products.
Silver and gold bullion dealers buy, sell and price their products based on the ask and buy spot prices. The spot price of gold refers to the price of one troy ounce of gold and the spot price of silver refers to the price of one troy ounce of silver. Gold and silver must be of specific fineness requirements
The ask spot price is what people, commodity traders and bullion dealers is the gold spot price that they will be selling at per ounce. The buy spot price is the price at which the same groups will be buying gold.
The current live gold spot price is 1607.90 per troy ounce.
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The Troy weight is a system primarily used for measuring precious metals like silver, gold and platinum. One troy ounce is the equivilent of 31.1034768 grams. There are 12 troy ounces in a troy pound, rather than 16 ounces found in the 'avoirdupois' pound more commonly used for measuring weight in the United States.
The Troy Ounce, abbreviate as "t oz" or "oz t", is roughly 10% heavier than the avoirdupois ounce.
Many aspects of the troy weight system are derived from the Roman monetary system. Though the troy weight is believed to take it's name from the French town of Troyes. Troyes was a market town where the English and French began trading goods as early as the 9th century A.D. The Earl of Derby's written accounts of his travels throughout Europe in 1390 contain the first known written use of the troy weight system in describing the weight of a platter.