What Determines the Spot Gold Price?
The spot gold price is the current market price at which gold can be bought or sold for immediate delivery. Unlike futures contracts, which are agreements for a later date, the spot price is the "right now" cost of 1 troy ounce of .999 fine gold.
It serves as the global benchmark for bullion dealers, jewelers, and financial institutions. Fluctuations in the spot price happen second-by-second during trading hours, driven by a complex interplay of global economic factors.