The spot price is the current market price for immediate delivery of one troy ounce of a precious metal. It is the baseline from which all physical metal prices are derived.
How Spot Price Is Determined
Spot prices are set by trading on global futures exchanges, primarily:
- COMEX (Commodity Exchange) in New York
- LBMA (London Bullion Market Association) in London
Prices fluctuate continuously during trading hours based on supply, demand, currency movements, geopolitical events, and macroeconomic data.
Spot Price vs. What You Pay
The price you pay for physical metal is always higher than spot: The premium covers minting costs, refiner margins, transportation, insurance, and dealer margin. Premiums vary by product type — bars carry the lowest, rare numismatic coins the highest.
Where to Check Spot Prices
Spot prices are publicly available on financial news sites, precious metals dealer websites, and market data platforms. Prices update in real-time during market hours.