Gold: $2049.40  Silver: $23.16  Platinum: $918.60  90% Junk $1 FV: $16.56  Gold/Silver Ratio: 88.49

Gold Spot Prices for the Last 30 days

What is Gold 'Spot Price'

Gold and other precious metals are commodities that are traded in global financial markets. Trading is done based on commodities contracts for the future delivery of the precious metals. The spot price of gold is the price that it is currently trading at based on the future delivery of the contract. By being traded as futures on the COMEX, Shanghai or LBMA market, most gold is sold long before it is even mined or refined into bullion products.

Spot prices are determined by the most recent trade in a continuous live market, reflecting the equilibrium between supply and demand. This price can change rapidly as new information becomes available and as various macroeconomic and geopolitical factors evolve. The gold spot price serves as a benchmark for buyers and sellers. For instance, the prices of retail gold products, like coins or bars, are often set based on the gold spot price plus a premium to account for production costs, dealer markup, etc.

The spot price plays a critical role in the derivatives market. For example, the difference between the spot price of gold and the future price represents the time value of the commodity, costs of carry, and expectations about future supply and demand. Factors that can influence the gold spot price include geopolitical events, interest rates, currency strength, economic data, and overall global economic health. For precious metals, additional influences might include mining costs, discoveries of new reserves, and any shifts in industrial usage or demand from investors.

Precious metals bullion dealers buy, sell and price their products based on the spot ask and buy prices. The spot price of gold refers to the price of one troy ounce of gold. The gold must be of specific fineness and meet other institutional requirements in order to be traded.

The spot ask 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.

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Gold Spot Price Per Troy Ounce

The current live gold spot price is 2049.40 per troy ounce.

Karat Purity 1 oz 1/2 oz 1/4 oz 1/10 oz Per Gram
24 karat 100.00% $2049.40 $1024.70 $512.35 $204.94 $65.89
22 karat 91.67% $1877.25 $938.63 $469.31 $187.73 $60.35
18 karat 75.00% $1537.05 $768.53 $384.26 $153.71 $49.42
14 karat 58.33% $1198.90 $599.45 $299.72 $119.89 $38.55
10 karat 41.67% $854.60 $427.30 $213.65 $85.46 $27.48
9 karat 37.50% $768.53 $384.26 $192.13 $76.85 $24.71
* Gold spot price is updated every minute

What is a troy ounce?

The troy weight system is an ancient system of weights that is derived from the Roman monetary system. The troy system was later adopted by the British and other countries for weighing precious metals like gold, silver, and gemstones.

A troy ounce is a unit of measure for weighing precious metals that dates back to the Middle Ages. Originally used in Troyes, France, the troy ounce is now the standard unit of measure for precious metals like gold, silver, and platinum.

One troy ounce is the equivalent of 31.1034768 grams, which is a little more than the standard avoirdupois ounce that weighs 28.3495 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. When you see precious metal prices quoted, such as the spot price of gold or silver, it is typically quoted per troy ounce.

Where did the Troy Ounce Originate?

The system was introduced to England in the 9th Century by traders doing business with Byzantine Empire. The system was named after the Roman trading city of Troyes in France, a major trading city in the Middle Ages. This system of measurement spread throughout Europe for the trade and exchange of precious metals.

The troy system was introduced into England following the Norman Conquest in 1066. By the 1400s, the troy weight system was officially adopted in England for the trading and weighing of precious metals. The British Pound Sterling, originally denoting a pound of sterling silver, reflects this ancient connection between weight and currency. The troy measurement system became the official standard for gold and silver in Britain in 1527 under King Henry VIII.

It's worth noting that the troy ounce is heavier than the more common avoirdupois ounce that is used to weigh most other items in the U.S. The troy system's division into 12 ounces (reflecting the old Roman libra) is also in contrast to the avoirdupois system's division of 16 ounces to a pound.

Today, the troy weight system is used almost exclusively in the precious metals industry. When you buy an ounce of gold or silver, it's a troy ounce. Similarly, when precious metals are mined, they're weighed using the troy system.

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