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26 July 2022
There are three different gold price s: the spot price, the gold price per ounce, and the gold price per troy ounce. Spot prices reflect the current live cost of an ounce of gold, without any premiums or additional expenses like manufacturing and distribution. The spot price of gold is not the same as the gold price per ounce because it is not possible to purchase raw gold at that price. Instead, gold is refined and then priced by refineries after the costs of manufacturing, storage, and distribution are taken into account. Then, dealers mark it up and apply premiums to individual buyers.
The price of gold is influenced by various factors, including central banks and governments. The price is set by the COMEX of the CME Group, which encourages non-US central banks to trade gold futures and precious metals as well as interest rate critical price discovery futures. This market dictates gold spot prices worldwide and is one of the most important factors for investors. Its volatility is largely a result of monetary policy and central banks' purchasing decisions.
Gold prices change frequently and are affected by numerous factors. A daily benchmark price is used in commercial contracts and producer agreements. It is based on the prices in the spot market, which is a non-regulated, private marketplace. These prices are influenced by breaking news and other factors. If a gold price is rising or falling rapidly, this could indicate an imminent recession. This is especially true for gold in hard economic times. The daily spot price is available to investors 24 hours a day.
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