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What is a gold spot price?

The spot price of gold is the most common standard used to gauge the going rate for a troy ounce of gold. The price is driven by speculation in the markets, currency values, current events, and many other factors. Gold spot price is used as the basis for most bullion dealers to determine the exact price to charge for a specific coin or bar.

What time does the gold spot price change?

The gold spot price is determined by a variety of domestic and foreign exchanges, allowing the gold spot price to consistently update from 6PM EST to 5:15PM EST, Sunday to Friday (markets close from 5:15 PM to 6 PM EST each weekday). The changes in gold prices are due to supply/demand, as well as order flow and other factors.

What is the difference between gold bid price and gold ask price?

The gold bid price and the gold ask price are the prices at which gold can be bought and sold, respectively. The gold bid price is the highest price the buyer is willing to pay for gold. When selling gold, a dealer will purchase gold at the bid price. The gold ask price is the lowest price the seller is willing to sell gold.

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