The spot gold price in British Pounds updates live on this chart. It tracks the spot price for gold bullion settled in the UK, which is the global benchmark for valuing gold deals made around the world today.
Where does the live spot gold rate on this chart come from? Todays spot price is the average gold rate being quoted by bullion dealers in the wholesale market. They trade large gold bars for settlement at current values, rather than in the future from now.
By convention, these dealers quote spot prices for gold stored in London – heart of the worlds wholesale market. Different locations, such as New York, Singapore or Zurich, are then priced at a premium or discount to that UK spot rate.
Why spot gold rates differ from other market prices
Most importantly, each spot-market dealer quotes their own rates to buy gold or sell it, and each deal is done directly with one client at a time, one on one.
So unlike a share price on the stock market, this live, ever-changing gold price is not created by an official exchange or electronic trading system such as the UKs London Stock Exchange or the Tokyo Stock Exchange (TSE). Instead, the spot gold price is in fact a blend of different gold prices quoted by thousands of bullion-bank dealers working around the world.
None of these banks will necessarily deal at the spot gold price you see on the chart above (although they will all herd around it, watching each others quotes to make sure they stay competitive). There are also many subtly different versions of the UK spot gold price, each one built from a different mix of quoted gold rates and data feeds.
BullionVaults gold price chart, for example, takes data from multiple sources covering hundreds of physical gold dealers worldwide. It also shows you the average mid-point of their spot quotes to buy or to sell gold. So this market-leading chart is only a guide. It doesnt show you an exact price or value for gold. No spot gold chart does.
Why isnt there a single spot gold price?
Starting in Sydney, Australia each morning – and then moving onto Tokyo, Hong Kong, Shanghai, Singapore, Mumbai, Zurich, London, New York and finally Californias business hours – the worlds spot gold market is whats known as Over The Counter (OTC).
In this OTC market, each gold buyer and seller works directly with the other, and each individual deal – often still agreed over the telephone – sets a unique gold price and quantity. This is very different to buying and selling equities through a stock-market exchange such as the NYSE in New York.
Electronic trading exchanges show your order to everyone else using that platform, and your deal is cleared by the company running the exchange. This means that it accepts the shares from the seller, and it transfers them to the buyer. The exchange also guarantees to transfer shares to the buyer, and pay money to the seller, even if the other party fails to deliver.
Spot gold trading is different. It sees the buyer and seller first research each others credit and financial standing, signing an agreement to do business. Each deal is then a private trade between themselves. Nothing is standardized in this spot gold market besides the high quality of the Good Delivery gold bars that change hands. So as a result, the worlds gold dealers also lack a single, market-wide spot price.
London Fix: A daily UK gold alternative to spot
Thats one reason the LBMA Gold Price exists. Formerly known as the ‘Fix’, this benchmark has run daily since 1919, broken only by WWII. It offers a single UK gold value twice a day.
This fixing price is found by gathering together client orders from across the market. Using the current spot gold price as a starting point, different gold values are then tried – higher or lower – looking for the rate where the total current demand to buy gold at this fixing auction meets the supply now for sale.
Private investors like you can now access this gold market direct, buying and selling at the UK gold benchmark through BullionVault. Or trade live at current spot gold prices using our award-winning Order Board online.
Live Gold Price
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This chart is a live feed of the spot price in the wholesale market. It closes over the weekend and public holidays. BullionVault on the other hand never shuts. It allows you to trade 24 hours a day, every day of the year.
Set a custom gold price alert to be emailed whenever the gold price moves through your chosen value. Alternatively, follow our Tweets to be alerted whenever the gold price moves by a particular amount.
Yes. BullionVault gives private investors around the world access to the professional bullion markets. You can benefit from the lowest costs for buying, selling and storing, starting from 1 gram at a time – just a fraction of one ounce. Calculate commission and storage fees using our cost calculator.
London is the heart of the worlds physical gold market. Twice a day, its biggest bullion banks agree a price to clear their outstanding order, and the London Bullion Market Association publishes that price on its website.
The price is determined on UK working weekdays at 3pm London time for gold (mid-day for silver, 2pm for platinum). The prices are made public at midnight. Orders are processed shortly after the price is determined using a provisional, estimated price, and then adjusted to the published price on the following working day. Place your order for gold by 2:35pm (11:45am for silver, 1:45pm for platinum).
No Daily Price is published on Saturday and Sunday, or on certain UK public holidays.
Yes. Ordering at the Daily Price is an easy way to buy and sell. Tell us how much you want to trade and well do the rest for you.
The actual bullion and cash normally takes two working days to settle to your account. For a purchase, your funds stay in your account and are reserved until the bullion is settled. Likewise for a sale, the bullion you are selling is reserved in your account until you receive the cash, typically after two working days.
Open orders are only executed on days when an appropriate gold price is published.
The Daily Price is published in troy ounces in US Dollars, Euros and British Pounds (1 troy oz = 0.0311034768 kg). On BullionVault you place orders in kilograms. We convert the as-published price of gold per ounce to a price of gold per kg and round up to the nearest Dollar, Euro and Pound. We use the same gold price per kg for buying and for selling with no spread.
Articles exploring gold and its relationship with the financial markets are published on BullionVault’s Gold News each day. Additionally, once you open a BullionVault account you can opt-in to receive the Weekly Market Update. This weekly email explores and discusses current movements in the silver, platinum and gold prices and the reasons behind them.
BullionVault is now the world’s largest online investment gold, silver and platinum service, currently taking care of some $3.8 billion for more than 95,000 users.
Yes. You can monitor the current price of gold today by changing the chart scale to 10 minutes, 1 hour, 6 hours or 1 day. You can also keep track of the gold price on your iPhone or Android device with the BullionVault App.
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