Historic and Live Gold Prices
Here are displayed live, current gold spot prices per ounce of gold, 7-day average, 30-day average, and 1-year average. The gold price chart is interactive, and displays recent movement in silver prices is also displayed, along with macro trends in the gold markets. Also displayed are current items featured on CBMint.com, including some of our featured inexpensive gold bullion products.
What is the Gold Spot Price?
Most often, precious metals like gold are weighed using troy ounces, instead of avoirdupois ounces or the metric system. The current gold spot price per troy ounce is displayed as a dollar amount. The spot price of gold is currently determined via the London Gold Price Fix, a conference of three members of the London Bullion Market Association. During the day, however, markets fluctuate rapidly, so the price of gold will increase and decrease many times during one day of trading, regardless of the most recent London Gold Price Fix. Note that the London Silver Price Fix has been abolished, due to suspicions of market manipulation, and the London Gold Price Fix is likely to follow.
CBMint, being one of the best online gold dealers, uses up-to-the-minute gold spot price feeds, to ensure that our gold bullion products are fairly priced. All gold bullion bars, coins, and rounds have their prices based off the current gold spot price. Other gold bullion, such as scrap gold and gold jewelry, is also priced according to the current spot gold price.
Many factors come in to play to determine the price of gold, most of which are based on supply and demand. Demand for gold always increases during times of economic trouble, high unemployment, currency fluctuations, and heavy speculation. Consumer demand for gold falls during times of economic boom, when many buyers who invest in gold bullion move their money to other investments, such as stocks.
The supply of gold, however, is finite, and quite restrained. Most of the recoverable gold in Earth's crust has already been mined. Gold production at existing mines is diminishing, and the supply of recycled gold is not enough to make up the difference. As a result, as gold becomes rarer, the price of gold bullion will continue to increase. Listed below are categories of the most common product types that are purchased by buyers looking to invest in physical gold bullion:
Investing in Gold Bullion
In the 21st century, gold prices have seen a steady increase, along with the prices of all precious metals. This boom in buying gold has gathered a lot of attention in the mainstream media, which, in turn, has made investing in gold popular among a large swath of the population. There are three common reasons to buy physical gold bullion, depending on what the ultimate goal of each investor is.
Many investors buy gold bullion just to turn a profit -- indeed, in this regard gold is treated like any other commodity. Such investors hope to buy cheap gold bullion and then sell it for a profit in the future. Other buyers invest in gold as a hedge against inflation and economic troubles -- gold prices can strongly increase during such times. Buying physical gold bullion is a also a great way to diversify your investment portfolio. The third common group of buyers who invest in gold bullion are called "preppers." They buy precious metals frequently, and feel that owning physical gold metal is crucial to protect their wealth in the event of an economic or environmental collapse.
Investors are able to buy physical gold or buy "paper" gold. Paper gold refers to ownership where the individual does not take physical possession of the actual gold bullion themselves. Instead, it is held on their behalf by a depository or an ETF (Exchange Traded Fund). The investor merely possesses a certificate that indicates the number of troy ounces of gold (or kilograms) that are held on the investor's behalf.
Most investors who buy silver bullion online prefer to own the physical metal themselves, however. Physical silver bullion is manufactured in the form of silver bars, silver coins, and silver rounds, and they come in a large array of different sizes. Junk silver coinage, though technically comprised of small silver coins, is such a popular item for silver investors that we group junk silver into its own category. Silver bullets have lately become a popular item, as well. Many silver bullion portfolios contain a mixture of all of these types of products. More about investing in silver can be read in the CBMint Investing Guide to Buying Gold Bullion.
Frequently Asked Questions about Gold Prices
Below is a list of common questions about silver prices that we receive. If you are unable to answer your question with this FAQ, please feel free to Contact CBMint and we will respond promptly.
What factors determine the current price of gold?
Supply and demand, along with speculation, determine the current spot gold price. Supply is provided by gold mines, and recycled sources of gold. Unlike silver, the supply of gold has been dwindling quickly. The efforts of some new gold mines often reach the limits of current technology. With the supply of gold so constrained, it is easy for even small fluctuations in the demand for gold to push up gold prices quickly. Economic factors like interest rates, currency health, and stock market indexes also affect investor demand which, in turn, affects the price of gold bullion.
How quickly do gold prices change?
The price of gold, like many commodities, can change in under a second. Much investing in gold is done electronically, with algorithms programmed to buy and sell gold in a fraction of a second. However, after the precious metals markets close, there is an internationally-recognized 45 minute period of downtime, to allow the spot price of gold to stabilize. This occurs between 5:15 pm (EST) and 6 pm (EST) each weekday, as well as between 5:15 pm on Friday until 6 pm on the following Sunday.
What are the differences between the Ask Price and the Bid Price of gold?
The bid and ask prices for gold can be thought of as extremely similar to gold buy and sell prices. The ask price is the minimum asking price that will be accepted for a particular commodity at that time. The bid price is the highest amount that will be paid for that commodity at that time. When you buy gold bullion, you pay the ask price, and when you sell gold, you receive the bid price. The difference between gold bid and ask prices is known as the Bid-Ask Spread, and it is often a reliable indicator of liquidity. The less the difference between the two is, the lower the premiums that gold dealer is charging, allowing the investor to buy more gold for the money.
Do I have to pay taxes when I buy physical gold bullion?
Depending on where you live, you may have to pay sales or use taxes when buying gold bullion. Many US states feature tax exemptions for buying bullion and coins. CBMint, being an online retailer, is not required to charge sales taxes to nearly all customers. Only customers residing in the US state of Wisconsin are required to pay sales taxes when they buy gold online. You can reference our Local Directory for Buying Bullion to learn about the tax laws where you live.
Do I need a lot of money to invest in gold? How much money do I need to start buying gold bullion?
Per ounce, gold, like platinum, is much more expensive than silver. However, many small gold bullion products are manufactured, such as Fractional Gold Bars. These small gold bullion bars are still very valuable, yet are affordable for buyers looking to begin investing in gold bullion. Even buying a small 1 gram gold bar is a way to get your foot in the door and get your gold bullion portfolio started.
What is the gold and silver ratio?
The gold/silver ratio (GSR) is a tool used to measure the ratio between gold prices and silver prices. Specifically, the ratio examines the price of silver relative to the price of gold. Many savvy precious metals investors use this ratio to determine if gold seems undervalued or overvalued. You can read more about the gold/silver ratio in the CBMint Guide to Investing in Silver Bullion.
What is a gold assay?
A gold assay is a process to determine the fineness of gold bullion. Once an assay is completed, the gold bar or coin is usually placed in a protective assay card, which is stamped with a unique serial number that also is stamped into the gold coin or bar. Assays also include the signature and name of the official who physically conducts the assay.
What is a gold futures contract?
A gold futures contract is just like any other commodity futures contract. A buyer agrees to purchase gold bullion in a fixed quantity, for a fixed price, at a fixed time in the future. For example, if an investor bought a gold futures contract for 100 ounces of gold at $1,000 an ounce 1 month in the future, that investor must buy that gold for that price, regardless of how the market affects gold prices in the meantime.
What is the NYMEX?
NYMEX is the New York Metals Exchange. They are the main exchange for the trade of palladium and platinum futures contracts. Standard palladium contracts are for 100 troy ounces of palladium, whereas a standard platinum contract is for 50 ounces of platinum.
What is COMEX?
COMEX (COmmodity EXchange) is the main institution for setting up gold and silver futures contracts. Standard gold contracts are for 100 troy ounces of gold, whereas standard silver contracts are for 5,000 troy ounces of silver.
How many grams are in one troy ounce of gold?
One troy ounce of gold contains approximately 31.1034768 grams. A troy ounce of gold is heavier than a standard, avoirdupois ounce, which only contains around 28 grams.
How many troy ounces of gold is one kilogram?
There is approximately 32.151 troy ounces in one kilogram of gold.
Where can I buy physical gold online?
You can buy cheap physical gold bullion right here, on CBMint.com. CBMint strives to be the best place to buy gold bullion onlilne. We have the industry's best prices on gold bars and gold coins. In addition, CBMint does offers Free Shipping to the lower 48 US states, reducing the cost of buying gold bullion products even further.