The tighter this spread is, the more liquidity buyers and sellers enjoy. The primary difference between these prices is referred to the bid-ask spread. Those looking to sell gold in New Zealand are provided with the Bid price (less any dealer’s margins which will depend on the product, quality and quantity). New Zealand gold merchants typically use the current Ask price when setting selling rates. Ask prices are the minimum offer required to sell at the current time. The bid price is the maximum offer to purchase gold at the current moment in time. If this contract has minimal volume or no volume, the subsequent delivery month with the greatest volume will be relied upon. This price is calculated with data stemming from the front month futures contract. COMEX, a component of the Chicago CME Group, is the primary exchange for determining the gold spot price. This precious metal is traded on an array of exchanges including the London, New York, Chicago, Hong Kong and Zurich exchanges. Gold is a commodity traded across the globe. Think of the spot price as the price at which gold can be exchanged at the current moment as opposed to yesterday, tomorrow or even a few seconds from now. However, it is also possible to obtain a gold price quote per kilo or gram. When you see the price of gold quoted on live gold charts and spot price websites, it is most commonly quoted per troy ounce in American dollars (USD). Such prices can be dynamic, changing every few seconds when the markets are open. Gold spot price serves as the basis for bullion dealers and gold traders to pinpoint the buying and selling price for a specific gold bar or gold coin. The gold spot price is dictated by market speculators, world events, currency values and an array of additional factors. The gold spot price is the current price at any given moment used to determine the rate for a single troy ounce of gold.
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