What is the price of gold and silver today

Welcome to Numismatic Traders! When you start buying gold and silver, it is important to consider the price of gold and silver before trading. Knowledge of the spot price of gold and silver will assist you to make an informed decision. 

Visit our page Latest Prices Page to see what the price of gold and silver is today. We also provide the price of Palladium and Platinum with the courtesy of Goldbroker.com. 

What is the spot price of gold and silver? 

The spot price of gold and silver is the market price that buyers on the Gold and Silver Commodity Exchanges are willing to pay for immediate settlement and delivery. The spot price is fluctuating as supply and demand, world events and market speculation influence the exchanges around the world. The market spot price is the contract price to buy and sell at that time of the exchange. 

The spot price is priced in United States Dollars per one troy ounce of gold and silver. 

Gold trading 

buy and sell gold on keyboard


The Gold spot price is traded practically for 24 hours a day during the week starting on Sunday at 6 pm eastern time when the Japanese market opens and ends on Friday 4:30 eastern time when the US market closes. The market is closed for 45 minutes on weekdays. 




Silver trading 

silver coins and bullion


Silver trading on the commodity exchanges starts on Sunday at 23:00 GMT and ends on Friday 22:00 GMT with a daily break from 22:00 to 23:00. 




Commodity exchanges

The exchanges are merely facilitators of contracts between buyers and sellers. They do not determine the price and they ensure that contracts are concluded in accordance with certain rules and regulations in terms of:

  • Quantity of the commodity represented for example gold and silver ounces. 
  • Quality refers to the features of the commodity being traded. 
  • Price for the commodity. 
  • The delivery date of each contract, method and place of delivery. 

seller and buyers reach agreement

The world’s largest physical bullion trading market is China’s Shanghai Gold Exchange – JM Bullion 

numismatic traders buy gold and silver any quantity

Future Contract Price (Derivatives)

future trading The biggest factor that determines the spot price is the Future Contract Price and by the forward months’ future contract with the most volume. “The spot price is an average of the estimated future price, based on the traded futures contracts and the nearest month.” – BullionByPost.com

The futures price for precious metals is determined based on the agreed price for delivery on a future date. These future contracts are binding agreements. The largest future market is the COMEX (Chicago Mercantile Exchange). According to JM Bullion, the COMEX division of the New York Mercantile Exchange is the most significant futures contract trading market and consequently, it has the most influence on the gold spot price. 

These future contracts give stability against price risk fluctuations for mines, mints, refiners, dealers and industrial end-users. Future contracts normally deal in lots of 100 ounces of gold or silver. 

Derivatives give producers the ability to lock in the price for future delivery and allow end-users to buy the products in advance at an agreed price. 

Professional traders act as intermediaries to negotiate the price between sellers and buyers. They maintain inventory and provide liquidity to the market. Traders have a supply of commodities to provide to buyers and thereby remove imbalances in the market. Speculators also provide liquidity in the market as they bet on the movement of price.  

The fixed price

The constant movement of the spot prices can make the conclusion of contracts impossible. To solve this, the LMBA – London Bullion Market Association sets a standard fixed price twice a day. The LMBA is the only market accreditation accepted across the globe. 

The prices are set by a process of an electronic auction system processed by the ICE Benchmark Administration which consists of several banks, an oversight committee and a panel of internal and external chair members. The price is adjusted in real-time based on financial evaluations of anonymous auction rounds that run every 45 seconds. When all the buy and sell orders and imbalances are within 20,000 troy ounces, the price is fixed. – Scottsdale Bullion and Coins: sbcgold.com

Make the right move

chess move

To make the right move as an investor, trader, novice, or veteran, you need to know the spot price of gold and silver today. 


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