We constantly update our Gold price charts for gold, silver price and other precious metals across multiple currencies to help investors make educated decisions on the best time to buy and sell metals. Our chart will help you easily identify trends over time in the gold prices, keep you up to date with market movements and allow you to see spot prices immediately.
Our gold price chart shows the current spot price for gold bullion, giving you the opportunity to track the price of gold and spot the best time to make your investment.
We provide real-time gold price updates and historical data that allows you to see how gold prices change over time and identify long-term pricing trends.
When viewing the gold price chart on GoldCore, you may pick between four different currencies below the chart: British Pounds, Euros, US Dollars and Australian Dollars.
If you're looking to buy ounce units of gold, GoldCore gives you the option with a range of 1 oz coins and 1 oz or 10 oz gold bars.
The live gold price is known as the spot gold price, which refers to the wholesale interbank price for a 400-ounce gold bar for delivery in two business days. It is the benchmark price on which all retail investment gold products are based. The gold price is traditionally quoted in troy ounces.
GoldCore quotes a live spot price per ounce in the United Kingdom, with gold available for immediate delivery or storage. The current spot price for an ounce of gold is quoted at the top of this page. This is the pounds Sterling price per ounce. While gold is traded on the international markets in US dollars, this price has been converted into pounds Sterling using the exchange rate between the pound Sterling and the US dollar. This has been done for the convenience of UK investors who naturally buy and sell their gold coins and gold bars using their pound Sterling currency.
Also read: What is gold bullion?
Gold trades 24 hours a day, Monday to Friday. It is traded across the globe and is one of the largest markets by value. The gold price is constantly changing and reflects the equilibrium between supply and demand of buyers and sellers of physical gold and gold derivatives. Most trading in gold is carried out in the futures markets on the futures exchanges.
The supply of physical gold is determined by the capacity of companies within the industry to find it, mine it and refine it!
Gold is increasingly difficult to mine as all the easy-to-extract gold has already been mined. Therefore, it becomes more expensive and energy and labour intensive to extract it from the earth. As it is an energy and labour-intensive industry, it is susceptible to increases in energy (oil & natural gas) and the availability of skilled labour. The political stability of a country where gold is being mined is also a major factor in the supply of gold to the market.
Demand for gold is determined by the demand from central banks, the jewellery sector, industrial demand, and demand from investors. Gold jewellery remains popular in the western world due to its beauty and status, but in many parts of the world particularly in India and China gold jewellery is bought as a store of wealth.
Technology dominates the industrial demand for gold due to its intrinsic properties, particularly its malleability and conductivity par-excellence.
Investor demand in the form of purchasing gold-backed ETFs (Exchange Traded Funds) and the purchase of physical gold coins and bars makes up a growing demand side influence. Gold is a proven hedge against inflation and uncertainty; therefore, it acts as insurance for an investment portfolio during times of increased risk in financial markets or increased geopolitical tension.
Central banks are also large buyers of gold. They do this to hold part of their reserves in gold which has an historic tradition of being both a store of wealth, a hedge against inflation and a hedge against the destruction of fiat (paper-based) currencies.
Also read: How much is a gold bar worth?
The price of gold is quoted in troy ounces.
Troy ounces are often abbreviated to "T.Oz." or just "Oz." A troy ounce is different to a standard (avoirdupois) ounce, as they are slightly heavier. 1 troy ounce = 31.1 grammes, whereas 1 standard ounce = 28.35 grammes.
Gold is priced and traded internationally in the US dollar. It is the US dollar price of gold that is referenced in the financial media. To determine the Gold Price in your national currency requires a conversion at the exchange rate between the US dollar and your national currency. We have conveniently done this for both pounds Sterling and Euros, on this page.
The spot price of gold refers to the wholesale interbank price per ounce of a 400-ounce gold bar. These bars are traded in very large quantities per trade. This is the gold price that is used as a benchmark on which all retail investment-grade gold products are based. For example, a one-ounce gold bar will be sold by a precious metal dealer at the spot gold price plus a premium.
Gold products are often purchased by retail gold investors in gram format. While one-gram gold bars are available through some precious metals brokers, the most popular gram format gold bars are 100g gold bars, 250g gold bars, 500g gold bars and one-kilogramme gold bars (1,000g).
When purchasing a bar that is measured in grams, it is necessary to know the gold price per gram. As gold is priced in troy ounces and a troy ounce is equal to 31.1 gram, to determine the gold price per gram, we divide the troy ounce price by 31.1.
The price for an ounce of gold can be found at the top of this page. Gold is priced in troy ounces, which differ from regular ounces. Whenever you see a reference to the price of an ounce of gold, it is the troy ounce price. This is the wholesale price against which all retail gold products are priced. It makes it easy to compare the prices of the different gold products on offer.
If you're looking to buy ounce units of gold, GoldCore gives you the option with a range of 1 oz coins and 1 oz or 10 oz gold bars.
At the top of this page, you'll see the current pricing for an ounce of gold in the UK. This is the price per ounce in pounds Sterling, which has been converted from the US Dollar price.
GoldCore provides the current gold rates per ounce in the UK in pounds Sterling, but can also be shown in Euros, US Dollars and Australian Dollars, simply by selecting the currency of your choice.
Also read: What are Gold coins worth?
Most people will be familiar with a carat, which is commonly used in gold jewellery. A karat is not a measure of weight, like the ounce, but a measure of purity. One karat is equivalent to 1/24 of the whole.
A karat is different from a carat, which is a measure of weight equal to 200 milligrams or 0.2grams. Carats are used to measure gemstones such as diamonds, rubies, or emeralds.
24 carat gold is the purest form of gold and has 99.99% fineness. If a piece of 24-carat gold jewellery weighs 1 ounce, you can calculate the value of gold it contains by multiplying its troy ounce weight with the price of gold. Investment-grade gold coins such as the Canadian Maple Leaf are 24 carat gold and are therefore worth their full weight in gold.
However, because gold jewellery is normally less than 99% pure, you will have to calculate the weight of gold in the piece before multiplying that value by the gold price.
Thus, if the current price is $1300 per ounce:
The gold spot price is the rate that a wholesale bullion bank is willing to pay for a 400-ounce gold bar to be delivered to their vaults within 2 business days.
This is the gold price you see quoted in the financial media and is what may be termed as the cash or wholesale gold price. When someone asks, what is the gold price today? The answer is the gold spot price, which is not static but can change on a per-minute basis depending on market forces.
The gold price is quoted in two parts; the bid price and offer price or bid and ask price. The bid price is the price that the bullion bank is buying gold, while the offer or ask is the price at which the bank is selling the same quantity of gold.
The difference between the bid and ask price is known as the 'spread' and represents margin for the bank. The OTC (Over the Counter) market enjoys very high trade volumes and liquidity, which allows spreads to be very narrow, unlike in any other market.
Gold prices are usually determined by the discovery in the London OTC market as well as at large gold exchanges such as the Comex. It is the lowest price you can pay for gold. However, since trades in the OTC market involve between 5,000 and 10,000 ounces of gold, this price is usually out of reach for individual investors.
The London gold OTC market is the most important gold market because over 87% of all OTC trades around the world are cleared through London.
The London Fix is another popular mechanism that is used by bullion banks and institutions. This is a gold trading and pricing exercise that is conducted by five of the leading market-making members of the London Bullion Market Association. It uses a price discovery mechanism to determine a single price for all gold orders of the five banks and their clients.
The Fix is conducted by a company called the London Gold Market Fixing Ltd. The current participants in the fixing are Barclays, the Bank of China, Bank of Communications, Goldman Sachs, HSBC Bank USA, JPMorgan Chase, Morgan Stanley, Société Générale, Standard Chartered, Scotia Mocatta (Scotiabank), The Toronto-Dominion Bank, and UBS.
The gold futures price is the price at which a futures contract for gold trades. To make it easier for those involved to guarantee the price at which they can buy or sell their gold in the future they can buy or sell a futures contract through an exchange. Standard gold futures contracts are for 100 ounces of gold agreed for settlement of specific days of the year.
The gold futures price represents the price you will pay for an ounce of gold delivered at that future date. A futures price is usually more than the spot price because it must account for the risk and uncertainty in future movements as well as the interest or yield foregone
The spot gold price is only available to large institutional investors in the OTC market. For retail buyers, the amount paid per ounce will be higher than the spot price for gold. The difference between the gold spot price and the retail price is called the premium.
Every gold bullion product including coins and gold bars will trade at a premium to the spot price. This is because some gold bullion products such as gold coins, bars (mostly kilo bars) are made from the 400-ounce gold delivery bar. These bars must be then converted into a smaller format and specialised products for retail buyers. Smaller coins and bars are also made from raw unrefined gold and dore (door-ay) gold and because it costs more per unit to produce say 400 gold bars which are 1 ounce (rather than one 400-ounce gold bar) there is a higher cost to produce and therefore a higher premium.
The premium covers the cost of refining, minting, fabrication, transportation, storage, insurance, marketing costs, as well as a small profit for the dealer. The higher the demand or limited supply of gold bullion, the higher the premium it will command. Generally, the smaller and lighter the gold coin or gold bar, the higher the premium.
There is never an ideal price to buy or sell gold. The gold price represents underlying influences in the gold market which includes investor sentiment and confidence in the economy as well as supply and demand dynamics.
As an investor, it is important to remember one vital fact about gold; it is a store of value and hedge against uncertainty. This makes gold the only proven financial insurance that can protect your financial wellbeing during tough times.
Therefore, focusing on the fundamentals in the gold market including its rarity and limited production, as well as the expected risks in the global economy is prudent when it comes to gold.
Also read: Is it a good time to buy gold?
GoldCore has secure vaults in Zurich, Singapore, Dublin & London where you can securely store gold bars and coins in segregated vaults.
There are easy steps to trade with GoldCore:
If you wish to make Gold a part of your portfolio and need any further help, please contact GoldCore by chat, email or phone and our experienced team will be glad to assist.
Also read: Where to buy Gold?
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