The above gold price in GBP is updated each minute. Data is retrieved continuously from all major marketplaces (LBMA/NYMEX, GLOBEX and HONG KONG) 24 hours a days, 7 days a week.
The “spot price” is the reference price for one troy ounce. This unit of measurement is used on professional spot trading markets. A troy ounce is 31.1 grams.
You can view all rates on GoldRate-Today.com based on the spot price in USD (US Dollars), Swiss Francs, British Pounds (GBP) and more currencies like GBP.
Every minute, the GBP gold price is updated. This data is derived from the gold price converted to US Dollars at the USD/GBP exchange rate.
This is a grouping of metals that are rarer than other metals and have higher economic value. Five main precious metals are openly traded on different exchanges. Gold is the largest market. Sometimes gold is called monetary metals because it is historically used as a currency, especially in GBP. It is also considered a store-of-value. Although it is relatively small, gold has an industrial component. It is less reactive than other metals, conducts well, and is highly malleable.
Spot gold price is the spot price for gold that can be delivered immediately in GBP. The spot price is used almost always to determine the price of bullion coins transactions. Spot gold trading is open 24 hours a day because there are almost always locations that take orders for gold transactions. The most trading activity occurs in New York, London, and Sydney. We indicate that bullion dealers are active in these cities on our website by displaying the message “Spot Market Open” We show the lowest and highest bids for the high and low value of each day.
One of many commodity futures is the gold futures market. This market allows you to enter into contracts that allow you to purchase or sell gold at a specific price at a future date. The gold futures market is used by both market makers and producers to protect their products from market fluctuations, as well as to make money for speculators.
A precious metals futures agreement is a legally binding contract for the delivery of a metal in the future at an agreed-upon rate. A futures exchange standardizes the delivery dates, quantity, and location. Only the price can be changed.
These contracts are used by hedgers to manage price risk for an anticipated purchase or sale. They allow speculators to trade the required margin and participate in the markets.
Two different positions can be taken. A long (buy), which is an obligation to take delivery of the metal, and a short position (sell), is an obligation not to deliver the metal. Most futures contracts can be offset before delivery. This happens when an investor who holds a long position in futures contracts sells it before the delivery notice.
The spot price of gold is often higher than the future price. We also display the future price on this page. It is used to determine the future price for futures contracts. This price represents the price that will be paid on the delivery date of gold in the future. The spot price of gold is usually higher than its futures counterpart in normal markets. The difference is determined based on the time until the delivery date, the prevailing interest rates, and the market demand for immediate physical delivery. The “forward rate” is the difference between the spot and futures prices expressed in annual percentage rates.
This is the change in metal’s price from the previous close. It is not always the previous day. Weekdays, 6:00 PM NY Time to midnight. The previous close is the current day. Here’s the reason: The closing time of the New York gold market on weekdays is for 60 minutes, between 5:00 PM New York Time and 6:00 PM. The last quote at 5:00 pm is used as the closing time for that day. The difference between the current price of gold and the price at 5:05 pm is called change. Example: On January 17, gold was last traded at $1.200 at 5:00 pm. If the price of gold is $1,202 at 6:30 pm on January 17, we will show a +2.00 change. If gold is quoted at $1.225 at 5:00 PM on January 18, we will show a +25.00 change.
This refers to the difference in the metal’s price from the close of the previous trading day. The current closing time for weekdays is 2:00 PM Eastern Time.
This is the difference in the metal’s price between the previous close and the last 30 days.
This is the difference in the metal’s price from a year ago to today, compared to the previous close.
Each precious metals market has its own benchmark price, which is determined on a daily basis. These benchmarks are used mainly for producer agreements and commercial contracts. These benchmarks are partly calculated from spot market trading activity.
Trading activity on OTC decentralized markets determines the spot price. OTC isn’t a formal exchange. Prices are negotiated between participants electronically. These aren’t regulated but financial institutions play an important part in market making and providing spot prices.
The gold market trades 24 hours per day, Sunday to Friday. OTC markets often overlap, so there is an hour between 5 p.m. Eastern time and 6 p.m. Eastern when no OTC market is active. OTC market spot trades on OTC markets so there is no official closing or opening price.
Most precious metals traders use a benchmark price to facilitate larger transactions. This price is set at specific times during the trading day.
The highest price someone will pay for an ounce or more of gold is called the bid price.
What is the GBP ASK PRICE for Gold?
The asking price refers to the lowest price at which someone will sell an ounce or more of gold.
Spread is the difference in price between the ask and bid prices. The spread between the ask and bid prices for gold and silver is fairly small so traders can expect a narrow spread. However, spreads in other precious metals could be wider to reflect a more liquid market.
Market participants depend on benchmark prices that are set at different times by different organizations. There is no closing or opening price for silver or gold. These benchmarks are also known as fixings.
The London Bullion Market Association is the largest organization responsible for setting benchmarks for precious metals. The most widely used benchmarks in precious metals are the LBMA Gold Price and the LBMA Silver Price. Kitco.com offers a range of benchmark prices for silver and gold.
The benchmark price is set twice daily by participating banks with the LBMA in an electronic auction, which is managed by ICE Benchmark Administration.
Each major mint makes its own gold bullion coin and they are very popular with investors who want to have physical metal. Only government mints can make gold coins with a nominal face value, but this is far less than the coin’s intrinsic worth. There are many private mints that produce similar products, also known as gold rounds.
Only the South African Krugerrand Gold Coin does not have a face value, and its value is entirely based on global gold prices.
These are the five most popular gold coins at present.