The value of gold is determined by the spot gold price.
Spot price of a commodity is the price that is quoted for immediate (spot) settlement (payment and delivery). In today’s world with computers the current or live spot price can be seenas it changes by the minute.
As gold is bought and sold it raises and lowers the spot price. The gold market is trading nearly 24 hours a day as there is almost always a location somewhere in the world that is actively taking orders for gold transactions.
The chart below shows the live 24 hour spot gold price...
Another price that determines the value of gold is
Unlike the live number that fluctuates, the London Gold Fix is a quote that is posted twice per trading day.
There are many different factors, other than supply and demand, that steer the price of gold up or down.
As a result, both of these numbers are closely watched by nearly everyone associated with the financial community.
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