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Home > Current Gold Price
Current Gold Price
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Today's price of gold in USD/oz
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The Spot price of gold is set daily by the NYMEX (New York Mercantile Exchange). Each and every day, billions of dollars worth of precious metals are bought and sold on the trading floor of the New York Mercantile Exchange. Every second these precious metal prices fluctuate depending on its supply and demand in the market, which in turn affects the price that individual consumer's pay. The spot price of gold is consistent in the United States and throughout many countries in the world.
How is the spot price of Gold determined?
The spot price of gold is determined directly from supply and demand. For example, when there are more buyers than sellers, the demand is greater than supply, thus gold prices will generally rise. The opposite occurs when the gold prices fall. It is projected that in 2009, the price of gold will continue to rise as the economy worsen and investors flock to the precious metal which is considered to be the best investment in today's volatile market. No other market in the world has the universal appeal as the gold market. Gold is valued for its rarity, beauty and near indestructibility. In additon, gold is a natural hedge against inflation, especially in a weakening economy because it is adverse to paper currency.
Unfortunately, we the public can not public buy gold at current spot value. The spot price of gold is based off 1000-ounce Comex bars before delivery. These goldbars can only be bought by governments and refiners who then melt it down. Consequently, they are then marked up based on the long-term reputation of the supplier. |
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