What is Gold Spot Price?
Gold spot price is used as the basis for most bullion dealers such as UKBullion.com to determine the exact price to charge for a specific coin or bar. These prices are calculated in troy ounces and change every couple of seconds during market hours. This provides the customer with the most accurate price based on the market.
To provide customers at UKBullion.com with the latest prices of gold, the website has a real-time feed on all their prices with the additional functionality for customers to review prices over a particular period. Many UKBullion.com customers use this to determine trends and compare gold spot prices for different periods such as 24hrs, last week, last month or even 5 years ago!
Unlike Stock Exchanges that close overnight, the spot gold market is active and trading for almost 24 hours a day.
In addition to the spot price, customers pay to cover manufacturing and distribution costs which are added to the cost of the coin or bar.
UKBullion.com also offers spot prices for other precious metals such as Silver, Platinum, and Palladium. Prices are available in GBP, EUR, and USD.
In addition, to make the real-time view available on the go, we’ve also got an app available for our iPhone users. The UKBullion.com site provides customers the option of a free download of the spot gold prices app to keep you updated with the latest prices on the move!
Take a look at the app and the latest prices now at www.ukbullion.com/live-chart/gold/gbp
What is the Spot Gold Market?
The spot gold market is where professional participants in physical gold bullion investment trade large gold bars in large volumes and at very efficient gold prices. The spot gold market is not a single marketplace but exists in the form of a widely distributed network of refineries, bullion dealers, and bullion banks.
The participants of spot gold markets trade what is called Good Delivery Bars. These are predominantly large gold bars weighing 400 ounces or close to 12.5kgs with a purity of 995 parts per thousand pure or better. Any gold bar traded as spot gold are regarded to have ‘good delivery’ status, having entered the professional market’s vaulting system, called the ‘chain of integrity’, after they were first refined or last assayed.
This allows spot gold market customers to trade seamlessly with confidence. Gold bullion’s fungible nature and the accepted 400-ounce good delivery bar enable the spot gold market to function in this manner.
UKBullion.com offers a wide range of gold bullion with the highest grade of purity at the best prices.
Contact Information:-
Group International Ltd
Innovation House
410 Stafford Road
Wolverhampton, WV10 6AJ
United Kingdom