The spot price of gold is determined by a discovery process of supply and demand. Gold market participants include buyers and sellers. Bid and ask prices are discovered within the over-the-counter (OTC) cash market as well as the commodity futures market. The spot price of gold is then posted on the gold exchanges.
The spot price of gold is influenced by many factors. Large gold traders such as central banks and gold mining companies exert upward and downward pressure on spot gold prices. Gold traders of this magnitude are able to adjust gold prices up or down to their advantage.
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