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The gold price today can be found on our website in the box on the left and in every newspaper, on financial news channels such as Bloomberg and financial websites. Gold is usually priced in US-Dollar per (troy) ounce. One ounce of gold equals 31.1034 grams. Gold is also priced in kilo’s and gram’s. The gold price is fixed on the main exchanges for gold on the New York (COMEX), London (LBMA), Hong Kong and Sydney (HKEx and ASX).
A 24h live gold price can be viewed at www.kitco.com. Kitco also provides gold prices in all major currencies in Oz’s and Kilo’s. The price of gold is also called spot price or spot market. Celticgold provides a 24h live gold and silver priced in (Troy) Ounces and Grams updated every minute. Prices on news websites are often delayed and do not show the latest price movements. A live price provided here from us or kitco is best.
If you compare the gold price on the left side on our website and the buying price for a 1oz bar or coin you see there is a difference. This difference is called ‘premium’ or ‘spread’. The premium is a percentage between the price for the raw commodity and the end-product. In this case a gold coin or gold bar. The premium includes the costs of production, minting, transportation, insurance and the distributors’ and dealers’ margin.
The premium which is the difference between spot and buying price can change due to availability and demand. In times of high demand for physical gold coins and bars the premium can rise dramatically. In a normal market environment the premium for a 1oz gold coin is 4% to 6% and for a 1oz to 1 kilo gold bar is between 4% and 0.9%. Premiums may rise to up to 35% when demand is very high as we saw in October 2008 and March 2010.
The two components spot price plus premium equals the purchase price. It’s always good to check premiums before buying as they may vary from dealer to dealer a bit.