The price for a single ounce of gold is the same regardless of your position on the globe. Is the price of gold the same all over the world? In our case we price gold spot prices in New Zealand Dollars (NZD) as this is more helpful given exchange rates have a big impact on buying and selling rates. However, the gold price in USD is ultimately converted to the currency of the nation in which it is bought/sold. Gold is traded in United States dollars, commonly referred to with the acronym of USD. What currency is the spot gold price quoted in? Most New Zealand gold dealers and refineries purchase gold below the gold spot price and sell above the gold spot price when a buyer comes around in order to make a small profit on every transaction. The dealer marks up the product higher than the initial purchase price to cover overhead costs and allow for a profit margin. However, NZ gold merchants must also turn a profit to keep the doors open. Such products are priced at the gold spot price with a markup added on so the maker or mint can make a profit. Most of the gold sold around the world comes from a small group of very large mints. The gold spot price does not consider the account dealer, markups by the manufacturer/mint or distributor markups. Why can’t I buy gold at the spot price or below? 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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