Spot price of gold: why there is no single price
Josef Tufan is the founder of KTsys Solutions.
KTsys Solutions builds software for the physical precious metals business, since 2009.
Last updated · Photo altered with AI.
There is no single, official spot price for gold.1 The gold spot price on a website is an indicative quote that each data vendor builds itself; Kitco, for example, derives it from the most actively traded futures contract together with over-the-counter dealing.2 Official gold prices are auction benchmarks or administered rates, such as the LBMA Gold Price in London, the Shanghai Gold Benchmark Price or the Dubai Gold Rate, each set at its own time, in its own currency and for its own location.3,4,5 For the record high of January 2026, APMEX reports 5,602.22 USD/oz (dealer source)6 and StoneX 5,589.38 USD/oz (dealer source)7, while the LBMA Gold Price auction peaked at 5,405.00 USD/oz8.
What is the spot price of gold?
The spot price of gold is the price of unallocated gold held in London (loco London) for delivery on the spot date, two business days after the trade, quoted in USD per troy ounce.9,3 Unallocated gold is a general entitlement to an amount of metal, not ownership of specific bars; most London bullion is traded and settled this way.10
The spot price is one of four prices for gold: the spot price, the benchmark price (the LBMA Gold Price), the futures price (COMEX gold futures) and the dealer price. The gold spot price on a website is an indicative quote; a private buyer pays the dealer price, which adds a premium to spot.1 Kitco, a price portal, updates its quote every few seconds during trading hours and bases it on the bid price of the global spot market.2
Spot price vs. LBMA Gold Price vs. COMEX futures vs. dealer price
The gold spot price is an indicative quote for delivery on the spot date, the LBMA Gold Price is the result of an auction at 10:30 / 15:00 London3, the COMEX futures price is for delivery in a later month, and the dealer price adds a premium, taxes and the dealer's markup to spot.
| Price | What is priced | Set by |
|---|---|---|
| Gold spot price | Unallocated loco London gold for delivery on the spot date, two business days after the trade9 | Each data vendor, for example from futures prices and over-the-counter dealing2 |
| LBMA Gold Price | Electronic auction for spot, unallocated loco London gold, at 10:30 / 15:00 London3 | ICE Benchmark Administration (IBA)3 |
| COMEX gold futures | Gold for delivery in a later month1 | Trading on the COMEX exchange |
| Dealer price | Spot plus a premium for production, distribution, wholesale and the dealer's markup, plus taxes1 | Each dealer |
Who sets the gold spot price?
No single body sets the gold spot price. According to the dealer CMI Gold & Silver, no government or official body sets it; it results from trading in London, New York, Zurich and Hong Kong.1 Each data vendor turns this trading into its own number.2
The LBMA Gold Price carries the name of the London Bullion Market Association (LBMA), but ICE Benchmark Administration (IBA) runs it as an electronic auction.3 Over-the-counter trading in London, bilateral between banks and dealers, is large: in 2025, average daily gold trading in London was 46.63 million oz11, worth USD 160.06 billion11.9
Why the gold spot price differs between websites
The gold spot price differs between websites because each vendor chooses its own data source and calculation; according to the dealer CMI Gold & Silver, some dealers also pad the spot price they show.1 The choices are:
- Source: futures prices from New York, which can trade apart from London spot12 (EFP: London vs. New York), over-the-counter dealing or both. Kitco uses the most actively traded futures contract together with over-the-counter dealing,2 CMI Gold & Silver the nearest-month futures contract1
- Side of the quote: bid, ask or the mid between them; Kitco shows the bid2
- Timestamp and delay of the quote
- The futures month a vendor uses and when it rolls to the next one
- Source and time of the exchange rate for gold prices outside USD
- Trading hours, weekends and holidays
- Location premiums, taxes and administered rates with a built-in markup
Gold prices for the same ounce compared
| Source | Date | Gold price |
|---|---|---|
| Gold record high reported by APMEX6dealer source | 28.01.2026 | 5,602.22 USD/oz |
| Gold record high reported by StoneX7dealer source | 28.01.2026 | 5,589.38 USD/oz |
| LBMA Gold Price record8 | 29.01.2026 | 5,405.00 USD/oz |
| Source | Date | Gold price |
|---|---|---|
| LBMA Gold Price PM, same day13secondary source | 30.04.2025 | 3,302.05 USD/oz |
| MOEX gold fixing converted, about13secondary source | 30.04.2025 | 3,276.2 USD/oz |
| Gap LBMA PM vs. MOEX fixing13secondary source | 30.04.2025 | 25.85 USD/oz |
Gold reference prices around the world
Each major gold market publishes its own reference price at its own time and in its own unit, so local gold prices differ from the international price, for example the LBMA Gold Price in London (10:30 / 15:00 London3, USD/oz), the Shanghai Gold Benchmark Price (10:15 / 14:15 Beijing4, CNY/g) and the MOEX gold fixing (12:30 Moscow16, RUB/g).
| Reference price | Administrator | Time (local) | Unit |
|---|---|---|---|
| LBMA Gold Price AM / PM | ICE Benchmark Administration (IBA), since March 20153 | 10:30 / 15:00 London | USD/oz |
| Shanghai Gold Benchmark Price | Shanghai Gold Exchange (SGE), launched 19.04.20164 | 10:15 / 14:15 Beijing | CNY/g |
| MOEX gold fixing | Moscow Exchange, since 05.08.202416 | 12:30 Moscow | RUB/g |
| RUGOLD index | Moscow Exchange16 | 15:30 Moscow | RUB/g |
| Bank of Russia accounting price | Bank of Russia15 | Daily | RUB/g |
| IBJA ratessecondary source | India Bullion and Jewellers Association17 | Twice a day | INR/10 g |
| Dubai Gold Rate (board rate)sources conflict | Dubai Gold & Jewellery Group5 | 2 to 4 times daily | AED/g |
| APSGJA ratesecondary source | All Pakistan Sarafa Gems and Jewellers Association18 | Not stated | PKR/tola and 10 g |
| BAJUS ratesecondary source | Bangladesh Jewellers Association19 | By announcement (91 changes in 2025) | BDT/bhori, 22 karat |
| B3 GLD settlement | B320 | Daily | USD/oz |
Gold spot price on weekends
In India, neither the MCX exchange nor the India Bullion and Jewellers Association (IBJA) publishes new gold rates on weekends, so buyers rely on Friday's close, according to the Hindi daily Aaj Samaaj (11.07.2026).21
Spot prices of gold, silver, platinum and palladium compared
Gold, silver, platinum and palladium each have their own London benchmark at their own time, and their spot markets differ in size and stability.
| Metal | London benchmark (IBA) | Spot market |
|---|---|---|
| Gold | LBMA Gold Price, 10:30 / 15:00 London3 | Average daily trading in London of USD 160.06 billion11 in 2025 |
| Silver | LBMA Silver Price, 12:00 London3 | Free float in London about 136 million oz (dealer source)22 at the end of September 2025; lease rate peak of 34.9% (secondary source)23 on 09.10.2025 |
| Platinum and palladium | LBMA Platinum and Palladium Prices, 09:45 / 14:00 London24 | Administered by IBA since 01.07.202624 |
Frequently asked questions about the gold spot price
What is the spot price of gold?
The spot price of gold is the price of unallocated gold held in London for delivery on the spot date, two business days after the trade, in USD per troy ounce. On websites it is an indicative quote that each data vendor builds itself.9
Who sets the spot price of gold?
No single body sets the gold spot price: it results from trading in London, New York and other centres. The LBMA Gold Price is a separate auction that ICE Benchmark Administration runs twice a day.1,3
Why is the gold spot price different on different websites?
Each vendor chooses its own source (futures prices, over-the-counter dealing or both), the bid, ask or mid, the timestamp and the futures month, and some dealers pad the price they show.1
Is the LBMA Gold Price the same as the spot price?
No. The LBMA Gold Price is the result of an auction at 10:30 / 15:00 London3; the gold spot price is an indicative quote that vendors update during trading hours. In January 2026 the LBMA Gold Price peaked at 5,405.00 USD/oz8, while StoneX reported a spot high of 5,589.38 USD/oz (dealer source)7.
What is the gold spot price on weekends?
In India, neither MCX nor the IBJA publishes new gold rates on weekends, so buyers rely on Friday's close.21
Does the gold spot price include VAT or GST?
No. The gold spot price is a price before the dealer's premium and before taxes. In Germany, investment gold is exempt from VAT, while silver, platinum and palladium bear 19 % VAT;27 Indian IBJA rates exclude the 3 % GST.17
Not tax or legal advice. Verify with an adviser in each jurisdiction.
Sources for this article on the gold spot price
- CMI Gold & Silver, spot prices. Dealer, EN, accessed 11.11.2026.
- Kitco, silver price. Price portal, EN, accessed 11.11.2026.
- ICE/IBA, LBMA Gold and Silver Price methodology. Primary source, EN, published January 2026, accessed 11.11.2026.
- SGE, Shanghai Gold Benchmark white paper. Primary source, ZH, published April 2016, accessed 11.11.2026.
- Gulf News, DGJG rate setting. Secondary source, EN, published 30.11.2015, accessed 11.11.2026.
- APMEX, gold price. Dealer, EN, accessed 11.11.2026.
- StoneX Bullion, highest gold price. Dealer, EN, published 2026, accessed 11.11.2026.
- World Gold Council, Gold Mid-Year Outlook 2026. Primary source, published 01.07.2026, accessed 12.11.2026.
- LBMA, The Guide: An Introduction to the Global Precious Metals OTC Market. Primary source, EN, published 2017, accessed 12.11.2026.
- LBMA, About Loco London. Primary source, EN, accessed 12.11.2026.
- LBMA, Market Report Q4/FY 2025. Primary source, EN, published 2026, accessed 11.11.2026.
- BullionVault, tariff EFP. Secondary source, EN, published 31.01.2025, accessed 11.11.2026.
- zolotodb.ru, MOEX gold trading. Secondary source, RU, accessed 11.11.2026.
- Moscow Exchange, trading history GLDRUB_TOM, 10.11.2026. Primary source, published 10.11.2026, accessed 12.11.2026.
- Bank of Russia, accounting prices. Primary source, RU, accessed 11.11.2026.
- MOEX, precious metals. Primary source, RU, accessed 11.11.2026.
- Aditya Birla Capital, gold price in India. Secondary source, EN, published 25.08.2026, accessed 11.11.2026.
- The News (Pakistan), USD 20 premium. Secondary source, EN, published 26.04.2026, accessed 11.11.2026.
- bdnews24, BAJUS pricing. Secondary source, EN, published 22.10.2026, accessed 11.11.2026.
- B3, Futuro de Ouro (GLD) press release. Primary source, PT, published 09.07.2025, accessed 11.11.2026.
- Aaj Samaaj, MCX vs IBJA. Secondary source, HI, published 11.07.2026, accessed 11.11.2026.
- goldsilver.com, Silver shortage and the squeeze. Dealer, published 28.08.2026, accessed 12.11.2026.
- MINING.COM / Bloomberg, silver lease rates. Secondary source, EN, published 27.10.2025, accessed 11.11.2026.
- ICE/IBA, LBMA precious metals page. Primary source, EN, accessed 11.11.2026.
- Kitco / Reuters, Indian premiums. Secondary source, EN, published 02.04.2026, accessed 11.11.2026.
- Reuters via Kitco, futures-spot gap after US customs ruling, 08.08.2025. Secondary source, published 08.08.2025, accessed 12.11.2026.
- Kettner Edelmetalle, taxes. Dealer, DE, accessed 11.11.2026.