The spot price of gold is the current market price at which one troy ounce (31.1035 grams) of .999 fine gold can be bought or sold for immediate settlement — typically two business days (T+2). It is the reference number every jeweller, refiner, bank and investor uses as a starting point for pricing physical and paper gold.
Where the price comes from
Spot gold trades primarily over-the-counter (OTC) in London, with additional price discovery from COMEX futures in New York and the Shanghai Gold Exchange. Bullion banks continuously stream two-way quotes (bid/ask), and data vendors aggregate these into the single 'XAU/USD' number you see on live tickers.
Spot vs. retail price
You will never buy physical gold exactly at spot. Dealers add a premium to cover refining, minting, insurance, shipping and margin. A 1 oz coin typically costs 3–8% above spot; smaller bars and jewellery carry higher markups. When selling back, expect a small discount to spot.
Why it changes every second
Gold reacts to real yields, the US dollar, inflation expectations, central-bank buying, geopolitical stress and ETF flows. Because these inputs move continuously, the spot price updates tick-by-tick during the 23-hour trading day (Sunday 6pm ET → Friday 5pm ET).