The spot price is the current market price for immediate delivery of one troy ounce of a precious metal, established continuously by global trading on major exchanges and over-the-counter markets. It is the benchmark dealers quote against — but it is a wholesale reference, not a retail price. Physical bullion sells above spot (the premium) and dealers buy back below their sell price (the spread).
Key takeaways
- Spot is the global benchmark for immediate delivery of the raw metal, quoted per troy ounce.
- It moves continuously during market hours, driven by supply, demand, currencies, interest rates, and sentiment.
- You cannot buy physical bullion at spot; retail prices are spot plus a premium.
- Spot is the right baseline for comparing offers: total price minus spot = the premium you’re evaluating.
- Quotes differ slightly across sources by feed and timing — dealer policies vary on which benchmark they use.
Where the number comes from
Spot prices emerge from continuous global trading in the wholesale metals markets — including futures exchanges and over-the-counter trading among institutions — rather than from any single authority. Widely referenced benchmarks also include the LBMA gold and silver prices, set through structured auctions. Different data feeds may show slightly different numbers at the same moment; what matters for a buyer is using one consistent reference when comparing offers.
Important distinction: spot vs. retail price
| Layer | What it is | Who sets it |
|---|---|---|
| Spot price | Wholesale benchmark for the raw metal, immediate delivery | Global markets, continuously |
| Premium | Amount above spot covering minting, distribution, dealer margin | Mints and dealers, by product and conditions |
| Retail price | Spot + premium = what you actually pay | The dealer, at order time |
| Buyback price | What a dealer pays you when you sell (typically below spot or slightly above, by product) | The dealer; policies vary |
How to use spot as a buyer
Before comparing any two products or dealers, note the current spot price from one consistent source. Then evaluate every offer as spot + X. A quoted total means little on its own; the premium is where products and dealers actually differ. This one habit converts you from a price-taker into a comparison shopper. Understanding premiums →
Vetted Bullion does not display live market prices. We will only publish market data with a reliable source, timestamp, update cadence, and delayed-data disclosure — until that infrastructure exists, we link out rather than risk stale numbers.
Frequently asked questions
Why can’t I buy at the spot price?
Spot reflects wholesale trades of large standardized quantities between institutions. Turning raw metal into a finished, verified, delivered retail product costs money — fabrication, distribution, insurance, and dealer margin — which is what the premium covers.
Is a lower spot price a “better time” to buy?
A lower spot price lowers the metal cost, but premiums often move independently — they can widen when demand surges. Vetted Bullion does not make timing predictions; prices can rise or fall after any purchase.
Do gold and silver have separate spot prices?
Yes — each metal (gold, silver, platinum, palladium) has its own spot price, quoted per troy ounce, moving independently.
Sources & evidence notes
- Benchmark mechanics: LBMA published methodology for gold and silver reference prices; futures-market price discovery on major exchanges (e.g., COMEX). Stable facts; reviewed annually.
- Premium and buyback behavior: dealer-published pricing policies; dealer policies vary and may change. Dealer-specific information; reviewed quarterly.
Claims on this page are classified and reviewed under our evidence model. Found an error? See our corrections policy.