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What is a spot gold price?

The spot price for gold is in a constant state of flux, and can be driven by many different factors. The spot gold price can refer to the current price of gold per ounce, gram or kilo. Typically, however, spot gold is quoted in price per ounce using U.S. Dollars. Quotes are also available depicting the spot gold price in other currencies as well.

Are gold spot prices Universal?

Gold spot prices are universal, as most gold markets use live gold prices listed in U.S. dollars, so the price of gold per ounce is the same worldwide. The gold spot price is typically listed in troy ounces, but it can be converted into any unit of measure you want to buy or sell.

Who sets the spot price of gold?

The spot price of gold is set by different authorities in different areas. For instance, in the UK, the LBMA sets the spot price of gold. In the US, it’s done mostly through New York (COMEX). There are many other gold markets around the world, and all of them set the same price.

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